Enid, Okla.-based Cowboy Bancshares LLC is seeking to become a bank holding company by acquiring 100% of the voting shares of Kremlin, Okla.-based Bank of Kremlin, according to a Federal Reserve release for the week ending Sept. 7.
Bank of Kremlin, a unit of Kremlin Bancshares Inc., had $304.3 million of total assets as of June 30, according to S&P Global Market Intelligence data.
S&P Global Market Intelligence valuations for bank and thrift targets in the Southwest region between Sep. 5, 2018, and Sep. 5, 2019, averaged 179.00% of book and 183.67% of tangible book and had a median of 13.82x last-12-months earnings, on an aggregate basis.
Bank of Kremlin operates five branches in Garfield County, Okla., ranked third with a 16.19% share of approximately $1.45 billion in total market deposits and operates one branch in Alfalfa County, Okla., ranked fifth with a 4.03% share of approximately $366.7 million in total market deposits.
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