Texas-based American Bank to Acquire TexStar National Bank
June 13, 2022
Source: S&P Global
The transaction has been unanimously approved by the boards of TexStar National Bank and American Bank, as well as the bank holding companies of each. It is subject to customary closing conditions, including regulatory approvals.
TexStar National Bank, a subsidiary of TexStar Bancshares Inc., had total assets of $458 million as of March 31 and has six locations in the San Antonio area. Following the completion of the deal, TexStar National Bank will merge with and into American Bank.
The combined bank will operate under the American Bank name and brand. It will have total assets of approximately $2.5 billion with locations in the Corpus Christi, Port Aransas, Rockport, Victoria, Goliad, San Antonio, New Braunfels, Austin and Houston markets in Texas, according to a news release.
As part of the merger, TexStar National Bank Chairman and CEO Byron Bexley will assume the role of vice chairman for the San Antonio market and will lead American Bank's commercial banking activities in San Antonio. Manny Ruiz, current president and senior lending officer of TexStar National Bank, will become American Bank's president for the San Antonio market.
Stephens Inc. was exclusive financial adviser for the board of American Bank, and Norton Rose Fulbright US LLP acted as legal counsel to American Bank. The Hovde Group was exclusive financial adviser and rendered a fairness opinion to the TexStar National Bank board, and Waller Lansden Dortch & Davis LLP acted as legal counsel to TexStar National Bank.
TexStar National Bank, a subsidiary of TexStar Bancshares Inc., had total assets of $458 million as of March 31 and has six locations in the San Antonio area. Following the completion of the deal, TexStar National Bank will merge with and into American Bank.
The combined bank will operate under the American Bank name and brand. It will have total assets of approximately $2.5 billion with locations in the Corpus Christi, Port Aransas, Rockport, Victoria, Goliad, San Antonio, New Braunfels, Austin and Houston markets in Texas, according to a news release.
As part of the merger, TexStar National Bank Chairman and CEO Byron Bexley will assume the role of vice chairman for the San Antonio market and will lead American Bank's commercial banking activities in San Antonio. Manny Ruiz, current president and senior lending officer of TexStar National Bank, will become American Bank's president for the San Antonio market.
Stephens Inc. was exclusive financial adviser for the board of American Bank, and Norton Rose Fulbright US LLP acted as legal counsel to American Bank. The Hovde Group was exclusive financial adviser and rendered a fairness opinion to the TexStar National Bank board, and Waller Lansden Dortch & Davis LLP acted as legal counsel to TexStar National Bank.
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