Louise-based Louise Bancshares Inc. and its wholly owned subsidiary, The First State Bank, and Dilley-based Dilley State Bank announced on September 1 that they have entered into an agreement whereby Louise Bancshares Inc. would acquire Dilley State Bank. Upon closing of the transaction, expected in the fourth quarter of 2020, Dilley State Bank will become a wholly owned subsidiary of Louise Bancshares Inc.
“Dilley State Bank has been a locally owned and operated bank, faithfully serving the community for more than 100 years since opening in 1907,” notes Jeff W. Avant, CEO of Dilley State Bank. “This decision by the board was entered into after significant consideration of opportunities to enhance the banking services offered to our customers. We have enjoyed amazing support from the community over many decades and greatly appreciate our loyal customers, friends and employees. It is important to us that our customers continue to enjoy a strong commitment for quality banking services and that our employees experience fair and professional treatment in this transition. It’s a rare opportunity to partner with such a great group of community bankers like The First State Bank of Louise and it gives us comfort in knowing the character, strength and quality of bankers we are joining.”
“As community bankers ourselves with 12 branches in communities stretching from Louise to the markets around Refugio, Victoria and Angleton, we believe Dilley State Bank is an excellent match for our own tradition of community banking experience in Southeastern Texas since our founding in 1956,” says Kinnan Stockton, president of The First State Bank. “We can see that the Dilley State Bank is located in a community of wonderful people who carry a strong sense of pride about their community.
“We expect the transition will appear reasonably seamless to the existing customers of Dilley State Bank, and we plan to offer additional services and opportunities that appeal to current customers, as well as those who may be future customers,” adds Chip Jenkins, CEO of The First State Bank.
Sheshunoff & Co. served as financial adviser and Fenimore Kay Harrison & Ford LLP served as legal adviser to Dilley State Bank. Hunton Andrews Kurth LLP served as legal adviser to Louise Bancshares Inc.