CARLSBAD, New Mexico and CLOVIS, New Mexico, October 12, 2022 /PRNewswire/ — Western Commerce Banc de CarlsbadInc. and its wholly owned subsidiary, Western Commerce Bank, Carlsbad, New Mexicoand Western Bancshares of ClovisInc. and its wholly owned subsidiary, Western Bank of Clovis, Clovis, New Mexicoannounced today that they have entered into an agreement whereby Western Commerce Bancshares of Carlsbad would acquire the Western Banc shares of Clovis and its wholly owned subsidiary, Western Bank of Clovis. Upon closing of the transaction, expected in early Q1 2023, Western Bank of Clovis will be merged with and into Western Commerce Bank. The transaction is subject to receipt of customary regulatory and shareholder approvals.
Jason WyattChairman, President and Chief Executive Officer of Western Bank of Clovis said, “Western Bank of Clovis and Western Commerce Bank have been linked since the establishment of Western Bank of Clovis in 1975 through mutual ownership and management. Western Bank of Clovis faithfully served the communities of Curry and Roosevelt counties for over 47 years. We sincerely appreciate the unwavering support of our loyal customers, employees and friends. Merging the two banks was the wish of my late grandfather, the senator Don Kiddformer Chairman and CEO of Western Bank of Clovis and Western Commerce Bank.”
Kenneth J. FadkePresident of Western Commerce Bank said: “Combining Western Bank of Clovis and the Western Commerce Bank will only strengthen the two banks. Other than the Western Bank name and logo, nothing will change except improved efficiency, more staff, more resources, and a greater variety of products and services.”
Mr. Wyatt also said, “Because of Western Bank of Clovis and Western Commerce Bank, the two banks share the same common goals: to provide fair, friendly and quality banking services to our customers and to create a pleasant working environment where our employees are treated fairly and professionally. Moreover, the character, strength and experience of our combined staff rivals that of any similarly sized bank in the country.”
Hillworth Bank Partners served as financial advisor, and Robert N. Flowers with Bradley Arant Boult Cummings LLP served as legal counsel to Western Bancshares of ClovisInc. Christian Ottesson and Bo Anderson with Otteson Shapiro LLP served as legal counsel to Western Commerce Bancshares of CarlsbadInc.
Western Bank of Commerce, Carlsbad, New Mexico
Western Bank of Clovis, Clovis, New Mexico
For more information, contact:
E-mail: [email protected]
SOURCEBradley Arant Boult Cummings LLP