Austin-based BAT Investments Inc. has acquired Carrizo Springs-based Capital Bank of Texas as part of an effort to expand and strengthen the role of community banks in the state. BAT Investments entered into an agreement to purchase Capital Bank of Texas on January 15, 2021, and the acquisition was finalized on September 28, 2021. The company’s expansion plans include an Austin branch in early 2022.
Founded by entrepreneurs and longtime bankers Bobby Priestley and Tanya Miller, BAT Investments was backed by more than 180 local investors who contributed in excess of $28 million in capital.
“The level of support we received is a testament to the enduring influence that community banks have on their local economies,” says Miller, who will serve as president and chief risk officer. “We’re looking forward to fulfilling the trust our investors have placed both in us and in the role of community banks. It’s exciting to be a part of such a robust market.”
With the acquisition, Capital Bank of Texas assets are just over $100 million, which includes branches in Carrizo Springs and Crystal City, as well as a loan production office in Austin. Priestley, who will serve as the bank’s chairman and CEO, says existing customers should expect no interruptions in service.
“The branches will remain open and the staff will continue to provide the quality service that customers are accustomed to receiving,” Priestley says. “However, new product and service enhancements will be forthcoming.”
Priestley and Miller are backed by a board of directors composed of civic leaders, business owners and financial services professionals representing both the Central and South Texas markets. They include George “Hal” Davis Jr., Mark Mangum, Kevin Hunter, Delores Crum, Mohammed Ali, Fred C. Allen Jr. and Von Box.
