Guaranty Bancshares, the holding company for Guaranty Bank & Trust, has signed an agreement to acquire Houston-based Westbound Bank.

Upon completion of the transaction, Westbound Bank will be merged with and into Guaranty Bank & Trust.

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Guaranty Bancshares said it will continue to operate Westbound’s four bank branches in Houston.

Westbound Bank had total assets of $228m, total loans of $160m and total deposits of $188.5m as of 31 December 2017.

As per the agreement, Guaranty Bancshares will issue 900,000 shares of its common stock and make a total cash payment of $6.4m to the shareholders and option holders of Westbound.

Further, if Westbound’s tangible equity is more than $16.5m at closing, Westbound will be allowed to pay a pre-closing cash distribution to its shareholders and option holders equal to any excess.

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Guaranty Bancshares chairman of the board and CEO Ty Abston said: “We are pleased to announce our first acquisition into the dynamic Houston market. Our expansion into this growing region has been a part of our strategy for several years, and Westbound brings to us a proven team and excellent initial footprint to make that happen.

“Troy England, Westbound’s CEO, will become Houston area chairman for Guaranty and lead our Houston MSA expansion efforts. He’s a proven leader in the Houston market and we are excited to have Troy join our management team.”

The transaction is scheduled to be completed during the second quarter of 2018, subject to certain conditions, including customary regulatory approvals.

Once the deal is closed, Guaranty will have total assets of more than $2.2bn and manage 32 offices in Texas.