CONROE – Spirit of Texas Bancshares, the holding company for Spirit of Texas Bank, announced that it has received the regulatory and shareholders approvals needed to acquire Beeville Financial Corporation and its subsidiary, The First National Bank of Beeville.
The transaction is expected to close on April 2.
“We are pleased to have received regulatory and shareholders approvals to acquire Beeville and look forward to closing the transaction on April 2,” said Dean O. Bass, Spirit’s chairman and chief executive officer. “As previously stated, this transaction is accretive to earnings and enables us to leverage the strengths of both organizations.
“Beeville immediately makes our collective team a key player in the South Texas market, offering a wider array of financial solutions.
“Once closed, our teams look forward to working hard to prepare for the conversion in mid-August 2019.
“Together, we remain committed to serving the surrounding communities as we develop our presence throughout the South Texas market in the years ahead.”
As of Dec. 31, Spirit reported total assets of $1.5 billion, total deposits of $1.2 billion, and total stockholders’ equity of $199 million and Beeville, on a consolidated basis, reported total assets of $435 million, total deposits of $395 million, and total equity capital of $38 million.
Spirit of Texas Bancshares, through its wholly owned subsidiary, Spirit of Texas Bank, provides a wide range of relationship-driven commercial banking products.
Spirit operates in the Houston, Dallas/Fort Worth and Bryan/College Station metropolitan areas and North Central and South Texas markets.