Savile Capital Group to acquire Farmers State Bankshares and Wyoming Bank & Trust
Wyoming-based Savile Capital Group has signed a stock purchase agreement with Farmers State Bankshares, Inc., the parent company of Wyoming Bank & Trust, for an undisclosed price.
Implications for the Future Operations of Wyoming Bank & Trust
Wyoming Bank & Trust, organized in 1919, has total assets of $295 million and two locations in Cheyenne and Burns, Wyoming. It is set for a new chapter under Savile Capital Group. Sheridan-based Savile Capital Group provides wealth management, risk management, and financial advisory services to high net worth individuals, pension and profit-sharing plans, 401k plans, and similar business entities.
Continuity in the Bank’s Leadership
Jeff Wallace, CEO of Wyoming Bank & Trust for the past 19 years, will continue in his role, overseeing all daily operations. Dennis Wallace, current Chairman of Wyoming Bank & Trust, will retain his position on the Board of Directors and serve in an advisory role. David Wasitowski, Member of Savile Capital Group LLC, is slated to become Chairman of Farmers State Bankshares, Inc.
Emphasizing a Commitment to Customers and Employees
“We met Savile a couple of years ago and have grown to know them and understand their business philosophy and believe they are an excellent fit with Wyoming Bank & Trust’s commitment to personal service and providing ‘what is best for the customer‘,” Jeff Wallace stated. He believes that the transaction will allow Wyoming Bank & Trust to continue growing and expand its wealth management services, necessitating the addition of new employees.
Expanding Opportunities for Customers
David Wasitowski echoed Wallace’s optimism, stating, “We have been looking for a banking partner in Wyoming and wanted to team up with a well-run and well-established bank. We believe the banking and trust environment in Wyoming is an excellent place to grow our business and look forward to providing new opportunities to our existing customers and to Wyoming Bank & Trust customers.”
Acquisition Details and Advisors
The completion of the transaction is subject to customary regulatory approvals and various closing conditions, with the expected closure in 2024. Legal and financial advisories for the deal include K&L Gates LLP, Olsen Palmer LLC, and Godfrey & Kahn, S.C.
About Savile Capital Group and Farmers State Bankshares, Inc.
Savile Capital Group LLC offers wealth, risk management, and financial advisory services through its subsidiary companies, including Consultiva Wealth Management, Inc., Trade Bridge Capital LLC, Savile Global Markets LLC, and Consultiva Insurance Corp.
Farmers State Bankshares, Inc., the holding company of Wyoming Bank & Trust, is based in Cheyenne, Wyoming. As of June 30, 2023, Wyoming Bank & Trust reported total assets of approximately $295 million, total deposits of around $245 million, and total loans of approximately $122 million. It operates two branches in Cheyenne and Burns, Wyoming.