Austin-based BAT Investments Inc. has reached an agreement to acquire Capital Bank of Texas, headquartered in Carrizo Springs. With branches in Carrizo Springs and Crystal City, as well as a loan production office in Austin, Capital Bank of Texas has assets of approximately $84 million. The bank was established in 2003. The acquisition is expected to be completed this summer.

BAT Investments was founded by entrepreneurs and longtime bankers Bobby Priestley and Tanya Miller, who plan to expand the bank’s reach by opening a new branch in Austin. Priestley and Miller are backed by a board of directors comprised of civic leaders, business owners and financial services professionals, including George “Hal” Davis Jr., Mark Mangum, Kevin Hunter, Delores Crum, Mohammed Ali and Fred C. Allen Jr.

“Community banks are the heartbeat of small businesses,” says Miller, who will serve as the bank’s president and chief risk officer. “The ability to make local, individualized, and timely decisions for our customers is what sets community banks apart from large financial institutions.”

Priestley will serve as the bank’s chairman and CEO. “By serving the Austin community in our careers, we’ve developed strong relationships that we will be able to carry forward,” he says. “Additionally, the growing and robust Austin market creates endless opportunities for new client relationships.”

As the bank expands its Austin footprint, it remains dedicated to the communities in which Capital Bank of Texas was founded. “Capital Bank of Texas has provided quality financial services and faithfully supported the communities of Carrizo Springs and Crystal City over the years,” Miller says. “We look forward to continuing their legacy.”