San Antonio-based Lone Star Capital Bank NA has entered into a purchase-and-assumption agreement for substantially all of the assets, deposits and certain other liabilities of Austin-based Business Bank of Texas NA. The acquisition is expected to be completed early in the second quarter of 2021.
Established in 2007, Business Bank of Texas has total assets of $106 million as of November 30 and specializes in advising and serving the needs of small businesses and their owners. With one branch in Austin, the bank’s primary market is Central Texas.
Lone Star Capital Bank, established in 2003 and with total assets of $304 million, operates seven full-service branches in San Antonio, Drippings Springs, Marble Falls, Johnson City and Blanco. With this transaction, Lone Star Capital Bank will exceed $400 million in assets and be a prominent provider of banking services in the Central Texas, Texas Hill Country and San Antonio areas. Lone Star Capital Bank specializes in loans, deposit accounts and other services to small- and medium-sized businesses, entrepreneurs, real estate professionals and investors.
“Business Bank and its team of outstanding bankers fit well with Lone Star Capital Bank, our culture of excellence and our intense focus on service to our customers and communities,” says Danny Buck, president and CEO of Lone Star Capital Bank commented.
“This is a fantastic combination of respected and talented people,” adds Dave Sather, chairman of Business Bank of Texas. “This enhanced team will deliver a strong culture and skillset that will provide excellent service to our customers.”
“Blending our teams will provide a solid platform of support to our current and future customers in Central Texas and the Hill Country,” says T.D. Winters, president and CEO of Business Bank of Texas.
“The combination of our banks gives us the size to be very competitive in this region,” notes Bill McCandless, chairman of Lone Star Capital Bank. “We welcome our new teammates and look forward to building our success together immediately and into the future.”
In connection with the transaction, Bruce Toppin with Langley & Banack served as Lone Star Capital Bank’s legal counsel. Dan Bass with Performance Trust Capital Partners served as financial advisor to Business Bank of Texas and Larry Temple served as the bank’s legal counsel.