Texas Bank and Trust to acquire two area banks
From Staff Reports
Feb. 16, 2013 at 11 p.m.
Texas Bank and Trust is continuing to expand its reach across East Texas with the acquisition of two banks.
The Longview-based bank said Friday it had reached an agreement to acquire Lindale State Bank of Lindale and First State Bank of Overton. Both have been affiliates of Texas Bank and Trust since the 1970s and will become TB&T branches.
"The acquisitions will also allow us to continue our expansion in Northeast Texas along the I-20 corridor and will complement our recent expansions into Van during 2011 and into Canton and Forney during 2012," said Rogers Pope Jr., vice chairman and chief operating officer.
The banks in Lindale and Overton, and their branches in Hideaway Lake and New London, respectively, will bring Texas Bank and Trust's branch network to 18 and its total assets to about $1.8 billion.
Pending regulatory approval, the mergers are expected to be consummated in the fourth quarter. No terms were disclosed.
Pope said the mergers would create operational synergies and efficiencies for the banks and allow TB&T to better coordinate product and service offerings.
"Key to the attraction of the acquisitions, of course, is that both Lindale State Bank and First State Bank are managed by outstanding teams of bankers who are well-known to our organization and who fully embrace our culture and our commitment to providing unparalleled customer service and advocacy," he said.
Gary Taylor is vice chairman and chief executive officer of Lindale State Bank. Carroll Anderson is president. The Lindale bank finished 2012 with deposits of about $97.5 million and total assets of nearly $110 million, Pope said.
Todd Meadows, a former officer at Texas Bank and Trust, is president and chief executive officer of the First State Bank of Overton. It finished 2012 with deposits of $33.4 million and total assets of $42.1 million.
Meadows said the merger would provide a larger array of products and services, including trust and brokerage, to customers in Lindale, Overton and the surrounding areas.
"Our strategy will be to continue servicing the needs of our customers along the I-20 and Highway 80 corridors," Pope said. "Our headquarters and primary infrastructure will remain in Longview."
The bank also is in the process of expanding in Longview, he said, with work being done at Texas Bank and Trust Plaza at Gilmer Road and Loop 281.