October 29, 2020
Happy State Bank to Acquire First Bank of Muleshoe
AMARILLO, TX – In a joint statement, J. Pat Hickman, chairman of Happy State Bank, and Tommy Gunstream, chairman of Muleshoe Bancshares, Inc., announced that Happy State Bank is acquiring through a series of mergers Muleshoe Bancshares, Inc. and its subsidiary, First Bank of Muleshoe.
A Texas state bank, First Bank of Muleshoe holds approximately $105 million in total assets and has Muleshoe, Dimmitt and Bovina locations.
“We’ve been trying to acquire this bank for several years, and perseverance finally paid off,” said Hickman. “Adding Muleshoe, Dimmitt and Bovina strengthens our Panhandle and South Plains footprint. These are some really good bankers in some really good communities, and we are very excited about furthering the spread of the ‘Happy Experience.’”
Phil Kent, president of First Bank of Muleshoe, stated, “We have been working on this merger for quite a while. And we’re excited that the bank will be capable of offering more advanced banking products to our customers. We are also looking forward to the many benefits this partnership with Happy State Bank will have for our employees.”
Happy State Bank President and CEO Mikel Williamson added, “Our two banks have built great cultures, have rich histories serving our communities and are focused on taking care of customers. It’s our customers who will benefit from these two banks coming together to serve Muleshoe, Dimmitt and Bovina as Happy State Bank.”
As a result of the transaction, Happy will assume First Bank of Muleshoe’s approximately $14 million in loans and $93 million in deposits, increasing its total assets to roughly $5.5 billion and growing its location count to 60 branches in 44 Texas communities. The transaction is expected to close in the first quarter of 2021, pending bank regulatory and shareholder approval.