Texas State Bankshares has announced a deal to acquire Denton-based Access Bancorp, which will add AccessBank Texas’s six banking centers to its growing Texas Regional Bank operation.
The cost of the transaction, which still faces regulatory approval, was not released. But Texas Regional Bank would add the Dallas-area banking centers and approximately $560 million in assets to Texas Regional’s 23 banking centers in South Texas, the Texas Hill Country and the Houston area.
“Texas Regional Bank continues to seek out opportunities in growing Texas markets,” said Michael Scaief, chairman and CEO of Texas Regional Bank. “AccessBank Texas brings us our fourth region, allowing us to expand our foundation of financial services to some of the top markets in the state.”
“We have experienced great success by diversifying our footprint across Texas,” said Bobby Farris, vice chairman of Texas Regional Bank. “Our move into the DFW area is part of our strategic plan and will give us the opportunity to expand on what AccessBank Texas has already done in the community.”
The board of directors and shareholders of Access Bancorp, the holding company for AcessBank Texas, already have approved the transaction.
“The leadership, culture and vision of Texas Regional Bank will be a great fit for our stockholders, staff and the community that we serve,” said Cleve Breedlove, president and CEO of AccessBank Texas.
“This merger is all about enhancing our communities by strengthening existing product and service offerings and adding new options, such as Trust and Wealth Management,” said Brett Bingham, a member of the Access Bancorp board.
Scaief will continue as chairman and president of Texas State Bankshares as well as chairman and CEO of Texas Regional Bank. Breedlove will serve as Region President over North Texas operations and will also oversee the region’s expansion.
Both Breedlove and Bingham will join Texas Regional Bank’s board of directors.
Officials of the banks said they expect to finalize the deal sometime in the first quarter of this year.
Texas Regional Bank was formed in 2010 when Texas State Bankshares acquired the stock of Falfurrias State Bank and relocated the charter to Harlingen. The additional assets of AccessBank Texas will put Texas Regional’s total assets at more than $2 billion.
