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Compton-led banking company purchases Missouri-based bank
Almost anybody who follows the Lawrence business scene can tell you that local entrepreneur Doug Compton has a growing enterprise.
That never will be more evident than next year when groups led by Compton begin work on a pair of multistory buildings at Ninth and New Hampshire streets.
But what may not be as evident to the general public is that Compton also has a growing banking enterprise. A new deal has recently put that on display.
De Soto-based Great American Bank on Nov. 30 finalized its purchase of Lone Summit Bank of Lake Lotawana, Mo., which now will become a branch of Great American Bank. That’s significant in Lawrence because Great American Bank is owned by First Financial Bancshares Inc., a Lawrence-based bank holding company that is led by Compton.
First Financial Bancshares also is the holding company that owns Lawrence Bank and its two locations in the city. But it has been Great American Bank that really has been the aggressively expanding enterprise at First Financial. In 2009, Great American Bank purchased First Bank of Kansas City at 39th and Main from the FDIC.
Travis Hicks, Great American’s president and CEO, said in a statement that the bank’s growth strategy is likely to continue as the “bank will continue to look for opportunities to expand throughout the market.”
Also expect some activity from Lawrence Bank in the near future. The company will be getting a brand new facility as part of Compton’s plans to build a multistory apartment and office building at the northeast corner of Ninth and New Hampshire. Lawrence Bank currently has offices in the former Black Hills Energy building that is on the site and will be demolished as part of the project. Plans for the new building show a bank and drive-thru lane occupying a good part of the first floor of the new building.
According to a September filing with the FDIC, First Financial Bancshares had about $128.2 million in assets. With this latest deal, the total is expected to grow to about $155 million in assets.
According to records with the FDIC, the company has grown its assets by about 30 percent since late 2008. The latest FDIC report shows the bank holding company had net operating income of about $1.3 million, up from about $565,000 in 2008.
Compton, according to the most recent annual report from the Kansas Secretary of State’s office, serves as president of the bank holding company. Other directors of the company include Lawrence residents Jeff Hatfield, Les Dreiling and Hicks.