Texas Bank Financial has entered into a merger agreement with its sister bank organization Texas Bank, Brownwood, Texas. Upon completion of the merger transaction the combined banks will operate as TexasBank and will have total assets of over $1.3 billion with 15 branches and loan production offices throughout the Metroplex, Central Texas and West Texas. With common ownership and shared values, both organizations have proven success based on their relationship driven approach, unwavering commitment to the communities in which they serve, and a strong focus on corporate responsibility.
“We will continue with the same staff, products and service that our customers have come to know, expect and trust, said Mark Riebe, chairman, CEO and president of the proposed TexasBank. “As a larger financial institution with a more diverse geographic footprint, our combined organization will be able to provide even more convenience for our customers and further expand our current product offerings while still providing the service that only a community bank can provide.
“This merger simply enables us to become bigger, better and stronger.”
Both Texas Bank Financial and Texas Bank, Brownwood have achieved extraordinary growth and success over the past decade in each of their respective markets, Riebe said. “However, each bank has achieved this success through completely different business models. Our boards and ownership believe the leadership and business models of both banks are the perfect complement to each other and we are confident the synergies, additional market coverage, and financial strength this partnership creates will drive long term value for our customers and communities that we serve as well as for our shareholders.”
The proposed transaction is subject to bank regulatory approvals and the approval of the shareholders of TexasBank. Subject to these approvals, the banks plan to close the transaction in early 2022. Once merged, TexasBank as a combined entity will have locations in Weatherford, Fort Worth, Dallas, Springtown, Brownwood, Stephenville, Comanche, Bangs, Eastland, Dublin, El Paso and Austin.