On June 7, Corpus Christi-based American Bank and TexStar National Bank jointly announced the signing of a definitive agreement and plan of merger pursuant to which American Bank will acquire TexStar. In accordance with the merger agreement, TexStar will merge with and into American Bank and the combined banks will operate under the American Bank name and brand following the closing of the transaction.
Established in 2004, TexStar National Bank has six locations in the San Antonio area with total assets of $458 million as of March 31, 2022. The combined bank will have total assets of approximately $2.5 billion with locations in the Corpus Christi, Port Aransas, Rockport, Victoria, Goliad, San Antonio, New Braunfels, Austin and Houston markets.
“This acquisition is entirely consistent with American Bank’s growth strategy and long-term strategic plan while making it even easier for clients in the San Antonio market to gain access to our brand of relationship banking,” says Stephen C. Raffaele, CEO and president of American Bank. “I’m eager to introduce American Bank to TexStar’s employees and clients. They will not only continue to experience the benefits of working with a community bank that knows them personally and cares about their success, but will also have access to enhanced products, services and technology.”
“Having the opportunity to become part of American Bank and join an organization with a passion for client service at every level is great for our employees and clients,” says Byron Bexley, chair and CEO of TexStar National Bank. “In American Bank, we found a partner with a strong heritage as a Texas-based community bank. We felt a strong sense of alignment in cultures given American Bank’s mission, values, history of community involvement and sincere interest in the well-being of its employees.”
“American Bank has always focused on serving our clients and communities with a professional team of bankers,” says Ben B. Wallace, American Bank’s chair. “I’m grateful for the quality of leadership at TexStar and their tremendous experience and enthusiasm for serving the San Antonio community. This is a terrific strategic fit.”
As part of the merger, Bexley will assume the role of vice chair/San Antonio market and will lead American Bank’s commercial banking activities in San Antonio. Additionally, Manny Ruiz, TexStar National Bank’s current president and senior lending officer, will assume a similar role as American Bank’s president/San Antonio market.
Stephens Inc. served as exclusive financial advisor for the board of directors of American Bank, and Norton Rose Fulbright US LLP served as legal counsel to American Bank. The Hovde Group served as exclusive financial advisor and rendered a fairness opinion to the board of directors of TexStar National Bank, and Waller Lansden Dortch & Davis LLP served as legal counsel to TexStar National Bank.
