Bolivar bank to be acquired

An investment group with members from three states is seeking regulatory approval to acquire a Bolivar-based banking company.

Guy Cable, a banking executive from Bentonville, Arkansas, who is part of Steele Acquisition Inc., said via email that the group intends to purchase Stark Bancshares Inc., the parent company of LimeBank in Bolivar.

A news release issued by the investment group points to an expected completion of the deal "in the near future."

“We are anticipating the purchase of LimeBank and are eager to build upon its foundation as a true community bank,” Cable said in the release. “We believe that banking should be personal, and we are committed to keeping the focus on the customer, their needs and the communities.”

A March 13 notice by the Federal Reserve System lists the Steele Acquisition investors as follows: Tony Steele, Tyler Steele, Carolyn Grimsley, Jill Grimsley, Paul Grimsley and Guy Cable, each of Bentonville, Arkansas; Philip Fletcher, Hiwasse, Arkansas; Kirby Lane, Anderson, Missouri; Tommy Coughlin, Centerton, Arkansas; John Kallenbach and Jim Hacker, each of Bolivar; Roland Julian, Rogers, Arkansas; Beverly Jones, Jay, Oklahoma; and Pam Lawson, Grove, Oklahoma. Cable, who also is CEO of Arkansas-based Grand Savings Bank, said LimeBank and Grand Savings Bank would operate as separate, independent banks despite sharing some common ownership.

Additionally, Steele Acquisition issued a Jan. 8 notice to the U.S. Securities and Exchange Commission pointing to a $12.5 million private placement, with the "proceeds to be used as merger consideration."

LimeBank emerged as the new name for the company formerly known as Farmers State Bank in late 2020, following the 2018 purchase of the organization by Clayton-based Stark Bancshares, according to Springfield Business Journal archives.

LimeBank’s acquisition comes with some controversy, as its current ownership has been linked to members of the Ohio-based Beers family, who have been accused of alleged fraud in the health care sharing industry, according to reporting by ProPublica. A ProPublica investigation released in 2023 alleges the family funneled tens of millions of dollars from Liberty HealthShare members into personal business ventures.

Additionally, Thane Kifer, a Bolivar businessperson and former CEO of LimeBank, was among executives who were ousted or left following the 2018 acquisition, according to ProPublica. He declined to comment when reached by SBJ.

Cable said Steele Acquisition has no connection to the current ownership and facilitated the purchase through Little Rock, Arkansas-based DD&F Consulting Group. He said the current ownership would not have involvement with LimeBank after the completion of the acquisition.

"LimeBank is a strong financial institution with phenomenal executive management and staff. Our investor group is excited to bring back local ownership to LimeBank and let the bank focus on the business of taking care of their community and the financial needs of their clients," Cable said via email.

LimeBank's website lists four branches, including its main office at 1630 S. Killingsworth Ave. in Bolivar.

As of Dec. 31, LimeBank had $124.4 million in assets, according to data on file with the Federal Deposit Insurance Corp.