Arlington-based BancAffiliated Inc., the sole shareholder of Affiliated Bank National Association, and Odessa-based Odessa SouthWest Bancshares Inc., the sole shareholder of SouthWest Bank, have mutually agreed to terminate their merger agreement, previously announced last December. The termination is in response to the extreme uncertainty resulting from the global health crisis caused by the COVID-19 pandemic and its impact on the companies’ ability to fully realize the benefits they expected to achieve through the merger.
“We continue to have the utmost respect, admiration and trust for the entire Odessa SouthWest team, and could not have asked for a better partner,” says Sam L. Susser, BancAffiliated chairman. “However, the COVID-19 pandemic has created so much economic uncertainty and a challenged business environment that proceeding with the combination and integration of our companies at this time is not a prudent course of action. Both of our banks will continue to focus on providing exceptional service to our clients and protecting the health and safety of our employees through these challenging times.”
“Although we are all disappointed by having to abandon the merger with the Affiliated Bank group, we have developed a strong association with them which we hope will continue into the future,” adds Richard “Buz” Browning, Odessa SouthWest Bancshares chairman.
Established in 1959, Affiliated Bank has more than $1.1 billion and operates five full-service branches in Arlington, Bedford, Garland, Round Rock and Fort Worth. The bank also has seven mortgage locations in Arlington, Brownwood, Dallas, Fort Worth, Frisco, Round Rock and Waco, and a dedicated SBA office in Arlington.
Established in 1999, SouthWest Bank has six full-service locations in Odessa, Midland and Lubbock. It currently has approximately $600 million in total assets.
