On February 18, Texas City-based Texas Independent Bancshares, the parent company of Texas First Bank, and Houston-based Preferred Bancshares Inc., the parent company of Preferred Bank, jointly announced the execution of an agreement whereby Preferred Bancshares and its subsidiary, Preferred Bank, will merge with Texas Independent Bancshares. The transaction is set to close in the second quarter of 2019.
The merger will bring an expanded suite of loan, deposit and treasury management services to Preferred Bank, while offering access to 27 banking centers, online banking and more than 50 ATMs throughout Southeast Texas. Once complete, Texas First Bank will have 27 locations in seven Houston-area counties. Its approximate total asset size will reach $1.4 billion.
“We’re excited to add locations in Houston, The Woodlands, Spring and Conroe by joining forces with such a well-established local bank with strong community ties and corporate values that match ours,” says Chris Doyle, president and chief executive officer of Texas First Bank.
Texas First Bank was recently recognized as a “Best Bank to Work For” by American Banker and named the Galveston County Daily News’ “2018 Business of the Year.”
“[Texas First Bank’s] commitment to the community combined with its strength and size will allow our customers to access a wider array of financial services,” says Herb Williams, chairman of Preferred Bank.
Following the merger, Williams will assume the role of vice chairman–Houston at Texas First Bank. Donald J. Najvar, current Preferred Bank president and CEO, will be named president–Houston at Texas First Bank.
Texas Independent Bancshares was founded by Charles T. Doyle in 1973. Texas First Bank is a state-chartered community bank with 22 locations throughout Galveston, Harris, Brazoria, Chambers, Liberty and Jefferson counties.
Founded in 1985, Preferred Bank operates five locations in Houston–Memorial, Spring, Meyerland, The Woodlands and Conroe. As of December 31, 2018, Preferred Bank had $282 million in total assets.
Published in Bankers Digest February 25, 2019