Great Western buys trust assets

As a follow-up to its acquisition of Guaranty Bank and Trust Company, Texas’ Independent Bank is selling Guaranty’s trust assets to Great Western Bank, Sioux Falls.

As of March 31, Independent Bank’s Trust Department located in Colorado had approximately $311.7 million in assets held in fiduciary or agency capacities. McKinney-based Independent acquired Denver-based Guaranty in 2018 and closed eight branches in Colorado following the deal.

Jane Cox, the senior vice president and senior trust manager of Independent Bank’s trust department, has agreed to join Great Western Bank upon completion of the transaction, together with several other trust department employees. 

As of March 31, 2019, Great Western Bank had approximately $1.3 billion in assets under administration.

“We are excited to welcome customers from Independent Bank’s Trust Department and to provide them with the same excellent level of performance and attention to which they are accustomed. With a combined $1.6 billion trust business, we will offer a compelling combination of sophistication and personal service,” said Ken Karels, CEO and Chair of Great Western Bank.

The $12.8 billion Great Western has more than 170 branches in South Dakota, Iowa, Nebraska, Colorado, Arizona, Kansas, Missouri, North Dakota and Minnesota.