DALLAS -- BancTexas Group Inc. said it completed a definitive agreement to acquire First Bank/Las Colinas, a privately held, state-chartered bank with a single office in Irving, Tex.
First Bank stockholders are to get 1 million to 2.5 million BancTexas common shares in the transaction, depending on the amount of First Bank stockholders' equity and the market price of BancTexas common stock shortly before the transaction is completed.
The maximum number of shares issued could be increased to 2.8 million under certain circumstances. At Dec. 31, First Bank had $23 million in assets and stockholders' equity of $3.8 million. First Bank is expected to be merged into BancTexas, Dallas.