Pioneer Bank has signed a merger agreement with First Community Bank, which would create a retail and commercial financial services provider with about $1.1bn in assets.
The new entity, created following the merger, will operate with 22 branches across Texas under the Pioneer Bank brand.
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It will manage total loans of $779m and $919m in deposits, servicing over 40,000 deposit and loan accounts.
The combined company intends to maintain its headquarters in central Texas as well as retain branch, administrative and support staff in all geographic markets.
Pioneer Bank president and CEO Jeffrey Wilkinson will serve as the new CEO of the combined group, while First Community chief operating officer Ron Coben will remain as the COO.
Executives from the two banks will fill the other executive management positions.
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By GlobalDataThe deal, subject to regulatory and shareholder approvals, is scheduled to close at the end of this year or early next year.
