LimeBank acquisition closes, with name change in the works

Posted online May 1, 2025 | 10:57 am

Investment group

A March 13 notice by the Federal Reserve System lists the Steele Acquisition Inc. 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.

Bolivar-based LimeBank is under new ownership, and a name change is planned.

Steele Acquisition Inc., an investment group with members from three states, closed yesterday on the purchase of LimeBank, according to a news release. Springfield Business Journal reported last month that the group was seeking regulatory approval for the acquisition of Stark Bancshares Inc., the parent company of LimeBank in Bolivar.

The financial terms of the deal were not disclosed. However, 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."

“The new ownership is a group that has been involved in successful banking for many years, and most importantly they understand the importance and significance of a locally owned and managed community bank," said Jim Hacker, of Bolivar, who is part of the investment group, in the release. "They are committed to serving the needs of the local community."

The release lists LimeBank's CEO as Guy Cable. He's also a member of Steele Acquisition and serves as CEO of Arkansas-based Grand Savings Bank, according to past reporting.

Under its new ownership, LimeBank officials are seeking a name change to Grand Missouri Bank. The change requires regulatory approval, according to a spokesperson, who declined to estimate a timeline.

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 former 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.

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