Texas Regional Bancshares has agreed to pay about $7.2 million to buy TB&T Bancshares, Brownsville.

The McAllen, Tex.-based holding company said last week that it plans to swap 258,118 shares of its stock for $43.9 million-asset TB&T.

The buyer also plans to issue 49,958 shares of stock, worth about $1.4 million, to an escrow account for distribution to its own shareholders or those of TB&T, depending on how third-party claims against TB&T are resolved.

Texas Regional refused to disclose the nature of those claims.

Texas Regional, which has $1.3 billion of assets, operates 15 branches in southern Texas near the Mexico border.

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