Amegy Bank of Texas, a Houston subsidiary of Zions Bancorp. of Salt Lake City, said Tuesday that it would acquire Intercontinental National Bank, jump-starting Amegy's efforts to establish itself in San Antonio.
The Intercontinental Bank Shares Corp. unit has $111 million of assets, $101 million of deposits, $54 million of loans, and three branches in the San Antonio market, where Amegy has been hiring bankers and opened an office five months ago. It plans to open its first San Antonio branch in July.
"With this announcement, we are able to establish a solid foundation to build upon in Central Texas over the upcoming months and years," Paul B. Murphy Jr., Amegy's chief executive, said in a press release.
The $10 billion-asset Amegy said the deal is expected to close in the third quarter. A spokeswoman would not disclose the price.
