Amarillo National Bank in Texas has agreed to buy Lubbock National Bank in Texas.
The $4.1 billion-asset Amarillo National will pay an undisclosed amount of cash for the $1.1 billion-asset Lubbock National. The deal is expected to close in the first quarter.
Lubbock National, which has 14 branches, will keep its name and logo. It operates as Commerce National Bank in three Texas cities. The Maedgen and Key families have owned a majority interest in Lubbock National and have been a part of the management team since 1917.
Amarillo National is owned by the Ware family, including Chairman Richard Ware, who was named one of American Banker’s 2017
Three of Amarillo National’s 19 branches are in Lubbock.
“This is keeping independent banking in west Texas,” William Ware, Amarillo National’s president, said in a press release last week. “Here are two west Texas banking families joining forces to focus on our customers and our communities. “
Informed Decisions and Alston & Bird advised Amarillo National. The Bank Advisory Group, Vining Sparks and Hunton Andrews Kurth advised Lubbock National.
