On July 20, Conroe-based Spirit of Texas Bancshares Inc., the holding company for Spirit of Texas Bank, announced that the bank has entered into a branch purchase-and-assumption agreement to sell its Clear Lake location to Galveston-based Moody National Bank. “Moody will obtain a book of business that they can successfully build on in the Moody tradition,” says Dean O. Bass, Spirit’s chair and CEO. The transaction is expected to close in the fourth quarter of 2020.
As of June 30, the deposit balances at the branch (excluding certain deposits not subject to the transaction) were approximately $26 million. “We are excited about the opportunity to expand our footprint in the Clear Lake/NASA area,” says Victor Pierson, chairman, president and CEO of Moody National Bank. “We also look forward to the Spirit bankers at the branch joining our team. We have the highest respect for Dean and his team at Spirit and appreciate the opportunity to work with them on this transaction.”
Established in 1976, Spirit of Texas Bank has 41 locations in the Houston, Dallas/Fort Worth, Bryan/College Station, Austin, San Antonio/New Braunfels, Corpus Christi and Tyler metropolitan areas, along with offices in North Central and South Texas. Established in 1907, Moody National Bank operates 15 branches in Central and East Texas.
