Joint Announcement of Agreement for Western Commerce Bank, Carlsbad, NM to Acquire Western Bank of Clovis, Clovis, NM

CARLSBAD, N.M. and CLOVIS, N.M., Oct. 12, 2022 /PRNewswire/ -- Western Commerce Bancshares of Carlsbad, Inc. and its wholly owned subsidiary, Western Commerce Bank, Carlsbad, New Mexico, and Western Bancshares of Clovis, Inc. and its wholly owned subsidiary, Western Bank of Clovis, Clovis, New Mexico, announced today that they have entered into an agreement whereby Western Commerce Bancshares of Carlsbad would acquire Western Bancshares of Clovis and its wholly owned subsidiary, Western Bank of Clovis. Upon closing of the transaction, expected in early first quarter of 2023, Western Bank of Clovis will be merged with and into Western Commerce Bank. The transaction is subject to receipt of customary regulatory and shareholder approvals.

Jason Wyatt, Chairman, President and CEO of Western Bank of Clovis stated, "Western Bank of Clovis and Western Commerce Bank have had been interrelated since the founding of Western Bank of Clovis in 1975 through mutual ownership and management. Western Bank of Clovis has faithfully served the communities of Curry and Roosevelt counties for over 47 years. We sincerely appreciate the unwavering support of our loyal customers, employees and friends.  Merging both banks was the wish of my late grandfather, Senator Don Kidd, former Chairman and CEO of both Western Bank of Clovis and Western Commerce Bank."

Kenneth J. Fadke, Chairman of Western Commerce Bank stated, "Combining Western Bank of Clovis and Western Commerce Bank will only make both banks stronger. 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."

Mr. Wyatt also stated, "Due to the close relationship of Western Bank of Clovis and Western Commerce Bank, both banks share the same common goals: providing fair, friendly and quality banking services to our customers and creating an enjoyable work environment where our employees experience fair and professional treatment. In addition, the character, strength and experience of our combined staff rival that of any bank of similar size in the nation."

Hillworth Bank Partners served as financial advisor, and Robert N. Flowers with Bradley Arant Boult Cummings LLP served as legal advisor to Western Bancshares of Clovis, Inc. Christian Otteson and Bo Anderson with Otteson Shapiro LLP served as legal adviser to Western Commerce Bancshares of Carlsbad, Inc.

Western Commerce Bank, Carlsbad, New Mexico
Western Bank of Clovis, Clovis, New Mexico

For further information contact:

Kathleen Slate
P.O. Box 1358
Carlsbad, NM  88221-1358
(575) 887-6686
Email:  [email protected]

SOURCE Bradley Arant Boult Cummings LLP

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