Triumph Bancorp in Dallas has agreed to National Bancshares in Bettendorf, Iowa.
The $301 million-asset Triumph did not disclose the price it would pay for the $945 million-asset National Bancshares. The seller has 19 branches and three loan-production offices in Iowa, Illinois and Wisconsin. Triumph expects to complete the acquisition by Sept. 30.
Triumph, which has three branches in Dallas, was by Commerce Street Capital. Sandler O'Neill & Partners advised National Bancshares.
The acquisition "will provide immediate and long-term benefits to both of our organizations," Aaron Graft, Triumph's president and chief executive, said in a press release. "We are excited to welcome the customers and staff of National Bancshares."
The Treasury Department auctioned its Troubled Asset Relief Program stake in National Bancshares in February, receiving $18.3 million for its original $24.7 million investment. National Bancshares' bank is well-capitalized, with a Tier 1 leverage ratio of 10.71% and a total risk-based capital ratio of 15.46% at Dec. 31.
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