Spirit of Texas Bancshares (Spirit), the parent of Spirit of Texas Bank, has closed the acquisition of Chandler Bancorp and its subsidiary Citizens State Bank through a cash-and-stock deal.
The acquisition bolsters Spirit of Texas Bank’s presence in the Texas region and adds $347.3m in assets to its books.
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Spirit chairman and CEO Dean Bass said: “The completion of this transaction is a significant milestone for our company, as it marks our tenth acquisition in Texas and our third since become a public company in May 2018.
“Today, we celebrate this landmark occasion and warmly welcome the customers and talented associates of Citizens to the Spirit family.
“Our partnership with Citizens strengthens our position as a leading Texas community bank, with 36 locations across the State of Texas.”
In July this year, Spirit signed the agreement to acquire Chandler Bancorp for nearly $65.6m.
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By GlobalDataAs consideration, Spirit issued 2.1 million shares of common stock and paid $17.9m in cash.
As of 30 September 2019, Spirit reported total assets of $1.96bn, total deposits of $1.59bn and total shareholders’ equity of $296.7m.
The merged group will have more than $2.3bn in assets and 36 branches.
Spirit of Texas Bank offers financial services to businesses, professionals and individuals.
In July 2018, the company signed a deal to acquire Comanche National Bank. The deal was completed in November last year.
