Happy Bancshares, the parent of Happy Bank, has agreed to acquire Lubbock-based Centennial Bank and its parent Commerce Bancshares.
The acquired business will merge with Happy State Bank.
The deal will add around $800m in assets to Happy’s books, which will boost its total assets to nearly $4.4bn.
Currently, Happy State Bank has branches in Happy, Abilene, Addison, Allen, Amarillo, Bedford, Borger, Canadian, Canyon, Dalhart, Dumas, Floydada, Fort Worth, Hereford, Higgins, Lockney, Lubbock, Matador, Memphis, Olton, Pampa, Panhandle, Plainview, Shamrock, Silverton, Stratford, Sunray, Turkey, Texline and White Deer.
Centennial Bank has branches in Lubbock, Austin, Boerne, Fredericksburg, Hart, Kerrville, New Braunfels, Plainview, Post, Slaton as well as Tuli.
Happy State Bank’s branch count will increase to 57 across 41 communities of Texas after this acquisition.
The deal is subject to shareholder and regulatory nod, with completion anticipated in the first quarter of next year.
Happy State Bank chairman and CEO J. Pat Hickman said: “We’ve known David Williams and his Centennial Bank team for a number of years and, in fact, bought our Shamrock branch from them in 2015.
“We are excited as we expand our Panhandle /South Plains footprint and move into one of the fastest growing regions in the state, the Texas Hill Country. Their corporate culture matches extremely well with ours.”