A group of local investors including the bankers behind Grand Savings Bank have successfully acquired LimeBank of Bolivar, Missouri.
The new ownership plans to seek permission to change the name from LimeBank to Grand Missouri Bank. It will be the only locally chartered bank in Bolivar.
Grand Savings Bank is chartered in Grove, Oklahoma, but equally active in northwest Arkansas.
Tony Steele, chairman and largest shareholder of Grand Savings Bank, his son, Vice Chairman Tyler Steele and CEO Guy Cable are all part of the acquisition. Cable will become CEO of LimeBank as well as Grand Savings Bank, but the two banks and their holding companies will remain independent.
A press release from Grand Savings Bank stated that this acquisition signals “a renewed commitment” to local decision-making and personalized banking services tailored to the unique needs of the region.
The new ownership group, comprised of 11 local business leaders and entrepreneurs, aims to prioritize community banking, with decisions affecting customers made locally by people who understand the area’s challenges and opportunities, according to the press release.
“We are genuinely so excited to announce the return of LimeBank to local ownership and control. This transition allows us to renew our focus on serving the unique financial needs of our community,” John Kallenbach, a Bolivar investor in the bank said in the press release.
“Our customers can take pride in the fact that their deposits will stay local and will support the growth of area businesses and meet the financial needs of our friends, families and neighbors,” he said in the release. “Throughout the transition, the familiar faces you’ve come to know, and trust will remain in place, each one dedicated to making LimeBank a reliable, locally focused banking partner.”
Other Arkansas investors in LimeBank are Carolyn Grimsley, Jill Grimsley and Paul Grimsley, all of Bentonville; Tommy Coughlin of Centerton; Philip Fletcher of Hiwasse; and Roland Julian of Rogers.
Sign up for Daily E-news
