On October 21, Plains Acquisition Corp. announced a definitive agreement to acquire Austin Colony Inc., the holding company of Lake Jackson-based First National Bank of Lake Jackson, in an all-cash transaction. The acquisition is expected to close in December 2026.
Upon completion of the transaction, First National Bank of Lake Jackson, a national banking association, will merge into Plains Acquisition Corp.’s wholly owned subsidiary, Humble-based Plains State Bank, a Texas state banking association. The combined bank is expected to have approximately $1 billion in assets, eight branches and one loan production office.
According to the announcement, the acquisition will diversify Plains Acquisition Corp.’s deposit base, expand its presence into Lake Jackson and Brazoria and provide additional scale to serve personal and commercial banking customers while maintaining local relationships and responsive service.
Plains Acquisition Corp. was represented by Hovde Group LLC as financial advisor and Harris Law Firm PC as legal advisor. Austin Colony Inc. was represented by Performance Trust Capital Partners LLC as financial advisor and Hunton Andrews Kurth LLP as legal advisor.
Established in 1957 in Plains, Plains State Bank has approximately $850 million in assets and primarily serves the Houston metropolitan area and Yoakum County. Plains Acquisition Corp. was formed in 2008 and subsequently acquired the bank, moving its charter and headquarters to Humble. Established in 1963, First National Bank of Lake Jackson has approximately $200 million in assets and operates offices in Lake Jackson and Brazoria.
