Hammond, Louisiana-based First Guaranty Bank, a wholly owned subsidiary of First Guaranty Bancshares Inc. announced a definitive agreement to purchase Houston-based Lone Star Bank in an all-stock transaction. The combined financial institutions will have approximately $3.2 billion in total assets, $2.5 billion in total loans and $2.8 billion in total deposits.
Established in 2006, Lone Star Bank operates four branches spanning I-10 from the Greater Houston area to Columbus. These branches will be added to First Guaranty Bank’s existing 36 banking offices in Louisiana, Texas, Kentucky and West Virginia. The proposed acquisition will allow First Guaranty Bank, in business for 88 years, to further solidify its Texas presence with an established, well-run organization.
“First Guaranty Bank’s philosophy and goal is to have a strong presence in the communities we serve and to be a strong contributor to the communities,” says Alton J. Lewis, vice chairman, president and CEO of First Guaranty Bancshares and First Guaranty Bank. “We look forward to spreading this philosophy in the Houston market.”
“The merger will allow us to better serve our customers by expanding both our commercial and consumer product offerings,” says Dennis L. Harrington, president and CEO of Lone Star Bank. “First Guaranty’s strong focus on customer service fits in well with our own philosophy. We look forward to a great future.”
G. Ortega Law PLLC, Pickering & Cotogno LLC, Bradley Arant Boult Cummings LLP and Phelps Dunbar LLP provided legal counsel to First Guaranty Bancshares. Performance Trust Capital Partners LLC served as financial advisor and Hunton Andrews Kurth LLP served as legal advisor to Lone Star Bank.
