On March 28, Home Bancorp Inc., the holding company of Lafayette, Louisiana-based Home Bank NA, announced the completion of its acquisition of Friendswood Capital Corp., the holding company of Houston-based Texan Bank NA. The combined company has total assets of approximately $3.2 billion, $2.2 billion in loans and $2.7 billion in deposits.
“Since announcing our expansion into Texas in December 2021, we have worked diligently with Texan Bank’s employees to complete this acquisition,” says John W. Bordelon, chairman, president and CEO of Home Bancorp. “We look forward to further developing the Houston region together and building strong relationships with businesses and consumers.”
“On behalf of our board of directors, I’d like to thank our employees for their incredible commitment to the company over the years,” says Kenny Koncaba, CEO of Friendswood Capital Corp. “We are pleased to have joined forces with the dedicated team at Home Bank. The merger is a win/win for our shareholders and customers. I know we will do a great job together building upon and enhancing customer relationships Texan Bank has developed over the years.”
Home Bank plans to convert the branch and operating systems of the former Texan Bank locations to Home Bank in June 2022. Home Bancorp anticipates the transaction will be more than 20 percent accretive to earnings per share once cost savings are fully realized and accretive to tangible book value per share within three-and-a-half years of closing. Following the merger, Home Bank’s capital position remains strong, with leverage and total risk-based capital ratios of approximately 8.5 percent and 13.1 percent, respectively.
Shareholders of Friendswood Capital Corp. will receive $15.34 per share in cash, resulting in an aggregate deal value of $66.5 million.
Established in 1908, Home Bank operates 39 full-service banking locations in the Lafayette, Baton Rouge, New Orleans and Northshore (of Lake Pontchartrain) regions of South Louisiana and the Natchez and Vicksburg regions of Mississippi. Friendswood Capital Corp. was organized as a bank holding company in 2011 when it acquired all of the issued and outstanding shares of the Bank of Fort Bend, which was established in 2007 as a federal thrift. Thereafter, the bank changed to a national charter and was renamed Texan Bank.
