On October 16, Jeff Austin III, chairman of the board of Jacksonville-based Austin Bank, announced that Austin Bancorp Inc., the bank’s parent company, has entered into an agreement to acquire Houston-based Chasewood Bank. Chasewood Bank serves northern Harris County with two locations and reports assets of approximately $88 million. The merger is expected to close in December 2024.
Austin Bank reports assets in excess of $2.8 billion. It operates 38 Texas locations within 26 cities and 14 counties. After the acquisition, Chasewood Bank will be merged into Austin Bank and the combined assets will total $2.9 billion with 40 locations.
“We welcome the opportunity to serve the customers of Chasewood,” says Jeff Austin Jr., senior chairman of the board at Austin Bank. “They will be able to continue banking in Houston while having local access to three additional offices in our southernmost region: Creekside Park in The Woodlands, Montgomery and Cleveland.”
“We have confidence that Austin Bank is the right choice for our bank and its customers,” says Bob Tyer, president and CEO of Chasewood Bank. “We look forward to becoming part of the Austin Bank family because of its commitment to quality and highly personalized service.”
Established in 1900, Austin Bank is locally owned and operated by the Austin family, which is celebrating 115 years of service in the Texas banking industry.
