Weatherford-based Texas Bank Financial has entered into a merger agreement with its sister bank organization, Brownwood-based Texas Bank. Upon completion of the transaction, the combined banks will operate as TexasBank and have total assets of more than $1.3 billion with 15 branches and loan production offices throughout the Dallas/Fort Worth metroplex, Central Texas and West Texas. Subject to these approvals, the banks plan to close the transaction in early 2022.
“We will continue with the same staff, products and service that our customers have come to know, expect and trust,” says Mark Riebe, chairman, CEO and president of the proposed TexasBank. “As a larger financial institution with a more diverse geographic footprint, our combined organization will be able to provide even more convenience for our customers and further expand our current product offerings while still providing the service that only a community bank can provide.”
According to Riebe, both Texas Bank Financial and Texas Bank have achieved extraordinary growth and success over the past decade in each of their respective markets. “However, each bank has achieved this success through completely different business models,” he notes. “Our boards and ownership believe the leadership and business models of both banks are the perfect complement to each other and we are confident the synergies, additional market coverage and financial strength this partnership creates will drive long-term value for our customers and communities that we serve, as well as for our shareholders.”
Once merged, TexasBank as a combined entity will have locations in Weatherford, Fort Worth, Dallas, Springtown, Brownwood, Stephenville, Comanche, Bangs, Eastland, Dublin, El Paso and Austin.
