J. Mark Riebe, chairman of the board, announced The Bank of Weatherford has entered into an agreement whereby Texas Banc Financial Corp, a bank holding company led by the Bill Knight family, will acquire 100 percent of the outstanding common stock of The Bank of Weatherford.
Riebe said the sale of the bank to the Knight family represents a positive event for the bank’s customers, employees and the community of Weatherford. In addition to providing for the continuation of the present management, the change of ownership ensures the bank will remain an independent, locally owned bank.
The Bank of Weatherford has been a fixture on Santa Fe Drive since July 2000 when it was started by a group of local businessmen with a desire to serve Parker County. It has built a reputation for supporting the community as an outstanding community bank.
Bill F. Knight, chairman of the board of Texas Banc Financial Corp, said the Weatherford community is a strong, stable, business friendly environment. Knight was the chairman of the board of Texas Bank which was a fixture in Weatherford for more 100 years until it was sold in 2006.
Knight said the value of The Bank of Weatherford is its focus as a community bank that provides traditional banking services.
The closing of the sale is subject to regulatory approval which is expected to take 45 to 60 days.