Carlile Bancshares is buying a smaller rival in its headquarters town of Fort Worth, Texas.
The $1.7 billion-asset Carlile founded in 2009 to acquire banks in Texas and elsewhere has agreed to buy Community Bankers Inc., Carlile President Don Cosby said Friday. The purchase price was not disclosed.
Community, which had assets of $559 million at Dec. 31 and operates 10 branches, would be merged into Carlile's Northstar Bank of Texas subsidiary.
Northstar currently has 16 branches in north Texas and Austin.
The deal is expected to close in the third quarter pending approval by state and federal regulators as well as shareholders, Cosby said. The combination makes sense because Community is a "well-run" bank with a strong presence south of Fort Worth, while Carlile's branches are more north and northwest of town, Cosby said.
"It was an excellent bank in our backyard," Cosby said.
Community Bankers' chief executive, Jimmy Campbell, would remain with the combined company as an executive for two years, Cosby said. The deal will result in some layoffs, Campbell told the Dallas Business Journal. "One of the negative byproducts is the elimination of duplicate jobs," he was quoted as saying. "Hopefully it'll be a minimal number."
Dean Anason contributed to this article.