More than a year after Eric Swenson, Jr., and his wife, Linda, reached an agreement to sell their interest in Spur Security Bank, ownership formally changed hands last week.
The new chairman and CEO, Kevin Bass of New Home, Texas, is no stranger to the area. The son of Larry Bass and the late Patricia Bass of Girard, Bass was born in Spur and is a 1984 graduate of Spur High School. He has been in the banking business for 31 years, including 24 years at City Bank in Lubbock.
About the acquisition, Bass said that “it took way longer than anticipated for a variety of reasons including Covid, and economic and political headwinds. It’s great to have the application process behind us.”
In January 2020, when Bass’s holding company, Dry Lake Financial, LLC, made application to the Federal Reserve to acquire Spur Security’s holding company, Espuela Bank Shares, Eric Swenson expressed a high degree of confidence that Bass would be the right person to take the helm. He said that he expected the bank’s long tradition of community would continue uninterrupted under Bass’s ownership.
Bank president Elaine Key echoed that sentiment last week. “We all know him because he grew up here,” she said.
Bass was in Spur March 2 to meet with bank staff, all of whom are continuing in their same positions.
“He stressed that he wanted things to rock along just like they had been,” Key said. “As far as I know right now, there are not going to be any changes.”
Key added, “We appreciate all of our customers, and I hope they will know that we are still here and are the bank that we were before. We loved working with Eric all these years, but Kevin will be a great addition . . . a good stand-up guy.”
One change that customers will notice immediately, however, is that the bank’s lobby has now reopened to the public following twelve months of closure during the pandemic. Masks will still be recommended at present, though are not required, Key said.
Dry Lake’s request to become a bank holding company was approved by the Texas Department of Banking in January 2020 and by the Federal Reserve on Feb. 4, 2021.
Bass said that other than the departure of Eric and Linda Swenson from the board, there will be no change to its makeup.
Board members are Elaine Key, Neal Hindman, Gary Key, Bill Smith and Kenneth Leatherwood. Principal staff besides president Key are executive vice president and cashier Melanie McCormick, and assistant cashier Argentina Combs.
Bass does not anticipate being at the bank on a regular basis, instead leaving matters in the capable hands of Key and other employees.
“We’re going to try to serve the local customers like they’ve always been served,” said Bass, “plus a little extra.”
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