BIRMINGHAM, Ala. - Central Bancshares of the South Inc. said it has completed the acquisition of Interstate Bancshares Inc. in Houston and its subsidiary, Interstate Bank North.
A spokesman said the Alabama company exchanged 318,025 of its common shares for all Interstate's common shares, and $308,550 in cash for Interstate's preferred shares, or $10 for each preferred share.
Central said the acquisition brings its assets in Texas to $1.3 billion. Interstate Bancshares, with two north Houston locations and $66 million in assets, has been merged into Compass Bancshares Inc., Central's Texas subsidiary.
