Savile Capital Group, a wealth management firm in Sheridan, Wyo., has agreed to buy Farmers State Bankshares in Cheyenne, Wyo.
Savile said in a press release that it expects to buy the parent of the $295 million-asset Wyoming Bank & Trust in 2024. The price wasn’t disclosed.
Wyoming Bank & Trust has two branches, $245 million of deposits and $122 million of loans.
Jeff Wallace will remain the bank’s CEO. David Wasitowski, a Savile member, will become chairman of Farmers State Bankshares. All employees are expected to be retained.
“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,” Wallace said in the release.
“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,” Wallace added. “We do anticipate that we will be able to grow and provide new services with this relationship.”
K&L Gates advised Savile. Olsen Palmer and Godfrey & Kahn advised Farmers State.