Sheridan, Wyo.-based financial adviser Savile Capital Group is acquiring Cheyenne, Wyo.-based Farmers State Bankshares, Inc., and its $295 million subsidiary, Wyoming Bank & Trust, in a stock purchase agreement.
In an interview with S&P Global, Savile Chief Operating Officer David Wasitowski said his company tried to start a de novo bank but opted not to due to the time- and cost-intensive process. Savile reportedly held discussions with five different banks during its two-year search.
“We have been looking for a banking partner in Wyoming and wanted to team up with a well-run and well-established bank,” Wasitowski said. “We believe the banking and trust environment in Wyoming is an excellent place to grow our business.”
The merger is expected to close next year. Wyoming Bank & Trust CEO Jeff Wallace is expected to remain in his position. “This transaction will allow us to keep Wyoming Bank & Trust growing into the future and provide additional wealth management services to our existing customer base,” he said. “We do anticipate that we will be able to grow and provide new services with this relationship and expect that not only will we need to retain all of our current employees, but add new employees as well.”
Pittsburgh-based K&L Gates LLP served as legal adviser to Savile. Washington, D.C.-based Olsen Palmer served as financial adviser to Farmers State Bankshares, Inc., while Milwaukee-based Godfrey & Kahn provided legal services.