In the world of banking, mergers and acquisitions are commonplace, and another one is happening in Lubbock.

Happy State Bank will be purchasing Lubbock-based Centennial Bank.

Happy State Bank Chairman and CEO Pat Hickman announced on Friday, that on August 15, 2019, the appropriate paperwork was filed with regulators for the purchase. Hickman also said that the expected closing for the purchase will be in January 2020.

Centennial Bank operates 14 locations across Texas, with three in Lubbock, two in Kerrville, and additional locations in Plainview, Tulia, Hart, Post, Slaton, Austin, Fredricksburg, Boerne and New Braunfels.

The Centennial Bank locations will be changed into Happy State Bank locations at some point in 2020 after regulatory approval takes place.

David Williams, the Chairman of Commerce Bancshares (Centennial BANK), announced he will become a part of the board of directors for Happy State Bank after regulatory approval takes place.

Hickman also tells KFYO News that Happy State Bank in the future will continue its aggressive expansion across Texas.

Happy State Bank will have 57 branches in 41 Texas cities and total assets of approximately $4.4 billion as a result of the purchase of Centennial Bank. Happy State Bank's locations will be in the Texas Panhandle, South Plains, Big Country, Hill County and Metroplex.