Shareholders, feds give approval for purchase of First National Bank of Beeville

Looking up for FNB, Spirit Bill Clough photo In a gathering of past, present and future, former directors, current directors and officers and future officers paused for a photograph after the historic shareholder vote to merge First National Bank and Spirit Bank of Texas Wednesday. Shown here (in front from left) James Millikin, Viggo Gruey and Blackstone Dillworth, former directors; (behind them, from left) Dean Bass, Spriit CEO; Brenda Trevino, FNB executive vice president; Alex Kibler, former director; A.C. (Dick) Jones IV, FNB director and future Spirit corporate director; George Tanner, former chairman of the board; Dr. James Hatfield, director and future regional Spirit director; Louie Alaniz, director and future regional Spirit director; (third row, from left) Edward Wicker, former director; Brannon Brooke, director and future regional director; John Galloway, director; Kent Fry, CLO and future Spriit regional CLO; Frank Hause, director; Jeff Latcham, director and future regional director; George Morrill III, director and future Spirit regional director; (in back, from left) Gwenyth Burris, director; Mike Durham, Spirit general counsel; J.D. Henshall, CFO; David McGuire, Spirit president; Curtis Carpenter, Sheshunoff head of investment banking; Brian Schneider, president and future Spirit regional president; Fred Jennings, former director; H.H. Laechelin Jr., former director; and Bevans Welder, former president. Spirit and FNB's merger has now cleared all regulatory and shareholder processes and will close on April 2. All account numbers, checks and processes will continue as before, says Schneider. The physical transition will take months to complete, but the same team will continue in place, he adds.

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.

About Spirit

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.

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