On September 19, Liberty Capital Bancshares Inc., the holding company for Addison-based Liberty Capital Bank, announced its plans to merge with Southwestern Bancorp Inc., the holding company for Boerne-based Texas Heritage Bank. The merger is based upon long-standing respect and mentorship between Texas Heritage Bank principals Jack Griggs and Steve Mack and the co-founder of Liberty Capital Bank, Holt Lunsford. The transaction is expected to be completed in the fourth quarter of 2024.
Established in Addison in 2008, Liberty Capital Bank serves privately held businesses, real estate investors and owners and families of these businesses. With $415 million in assets and 32 employees, the bank’s leadership team includes Alan Morris, CEO; Ryan Friend, president; Amy Pickard, CFO; and Lunsford, who serves as chairman of the board.
Texas Heritage Bank, with $225 million in assets, has locations in San Antonio, Boerne and Cross Plains with 32 employees. The bank’s establishment dates to 1931 with Citizens State Bank. Today, the bank is led by Griggs, senior chairman, and Mack, chairman and CEO. After the merger, Mack will join the Liberty Capital board and Griggs will continue his mentorship of Lunsford and the board of Liberty Capital.
Liberty Capital and Texas Heritage Banks’ holding companies have common shareholders who have agreed to merge. After closing, the banks will continue business as usual in their respective markets. All current leadership will remain in place at all bank locations.
“Jack [Griggs] and I wanted to find a way to extend the bank’s life and legacy for years to come,” Mack says. “Liberty Capital Bank is the perfect partner to accomplish our ongoing goals of a growing banking enterprise and will bring additional capital to help grow Boerne and San Antonio.”
“I have always looked up to and respected both Jack and Steve, and they have mentored me through the years,” Lunsford says. “Joining forces with Texas Heritage is a natural progression of two entities coming together who share common goals, culture and stakeholders. We’re better together.”
“As longtime peers and colleagues, we now have the opportunity to team up and grow Liberty Capital and Texas Heritage banks together,” Morris says. “In addition to the catalyst for organic growth this merger provides, we believe this experience provides an added benefit in attracting other community banks with the same desire to extend their life and legacy.”
With a larger position in the Texas market, Liberty Capital Bank and Texas Heritage Bank currently have more than $640 million in combined assets.
