HARLINGEN, TX--(Marketwired - Nov 30, 2016) - Harlingen-based Texas State Bankshares, Inc. and Blanco-based Blanco National Holdings, Inc. announced today that they have entered into a definitive agreement to merge Blanco National Bank with Texas Regional Bank, pending regulatory approval. As a result of the transaction, Texas Regional Bank will add Blanco's four Hill Country banking centers (Blanco, Fredericksburg, Wimberley and Spring Branch) to its existing network of branches in the Rio Grande Valley and Falfurrias, Texas.
"Texas Regional Bank has been searching for the right opportunity in the Hill Country and found it with Blanco National Bank," said Michael Scaief, Chairman of Texas Regional Bank. "Blanco National Bank will provide the foundation for Texas Regional Bank to extend its core banking, wealth management and mortgage divisions throughout the Hill Country."
Shareholders of Blanco National Bank also expressed support for the merger. "We looked at a number of banks and found Texas Regional Bank to be the best fit for us and the communities we serve," said board member David Behrends. "Like us, Texas Regional Bank is focused on community banking and building successful customer relationships," continued Kirk Felps, also a member of the board. "This merger is all about enhancing our communities by strengthening existing products and services and adding new options, such as Wealth Management and Mortgage," remarked Mark Tidwell, President and CEO of Blanco National Bank.
Michael Scaief will continue as Chairman and President of Texas State Bankshares, Inc. and Chairman of Texas Regional Bank. Mark Tidwell will be Market President over Hill Country operations. Paul Moxley will continue to serve as President and Chief Executive Officer of Texas Regional Bank. "The merger creates a team of seasoned community bankers from both regions who are accustomed to building customer relationships and being the "bank of choice," Moxley explained.
Texas Regional Bank began operations in May of 2010 with the acquisition of Falfurrias State Bank which had one banking center and $18 million in assets. Today, Texas Regional Bank has nine banking centers in the Rio Grande Valley from Brownsville to McAllen and one in Falfurrias, with assets in excess of $600 million. With this anticipated merger, the company will have assets in excess of $800 million and capital of more than $80 million.
Texas Regional Bank is a wholly-owned subsidiary of Texas State Bankshares, Inc. Ownership of the organization spreads across more than 500 shareholders in south and central Texas. Texas Regional Bank is proud to have a broad shareholder base and ownership structure, where no one family may own more than 10% of the bank.
The transaction is subject to receipt of all necessary regulatory and shareholder approvals. Completion is expected in the first quarter of 2017. For more information please visit our website at www.texasregionalbank.com.