Spirit of Texas Bancshares, the holding company for Spirit of Texas Bank, has signed a definitive agreement to acquire Comanche National Bank and its holding company for nearly $55.9m.
The cash and stock transaction will be completed through a series of mergers.
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Under the terms of the agreement, Spirit will issue more than two million shares and will pay $12.2m in cash as consideration, subject to certain adjustments, to Comanche National shareholders.
After the completion of the deal, Comanche shareholders will hold nearly 18% of the outstanding capital stock of Spirit of Texas.
Spirit chairman and CEO Dean Bass said: “We are pleased to announce our eighth acquisition in Texas, and our first acquisition since becoming a public company in May 2018.
“Comanche National Bank expands our North Texas presence and has a proven history of strong earnings and sound asset quality.”
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By GlobalDataComanche National Bank operates eight full-service bank branches in the North Central Texas area.
The combination is expected strengthen Spirit’s footprint in the region which includes deposit-rich counties of Comanche, Jack, Palo Pinto and Parker.
As of 30 June 2018, Comanche had total assets of $349m with total deposits of $307m, on a consolidated basis.
Comanche National chairman and CEO William “Kendall” Nix said: “This is as an excellent opportunity for Comanche to become part of a larger community bank that will enable us to offer our customers and the communities we serve a broader array of financial services while still maintaining the convenience of local decision makers across our sizable combined branch network.”
The acquisition is expected to close in the fourth quarter of this year, subject to regulatory and shareholder approvals.
