Western Commerce Bancshares of Carlsbad in New Mexico has agreed to buy Western Bancshares of Clovis in New Mexico.
Western Commerce, the holding company for the $617 million-asset Western Commerce Bank, said in a press release that it expects to complete the purchase of the $64.4 million-asset parent of Western Bank of Clovis in the first quarter. The price wasn’t disclosed.
The deal “will only make both banks stronger,” Kenneth Fadke, Western Commerce’s chairman, said in the release. “Other than Western Bank’s name and logo, nothing will change with the exception of improved efficiencies, larger staff, greater resources and a wider variety of products and services.”
Hillworth Bank Partners and Bradley Arant Boult Cummings advised Western Bancshares. Otteson Shapiro advised Western Commerce.