CBFH in Orange, Texas, has agreed to purchase MC Bancshares in Houston.
CBFH will pay an undisclosed amount of cash for the parent of the $280 million-asset Memorial City Bank. CBFH said it expects to complete the acquisition by June 30.
CBFH said in a press release Monday that buying MC Bancshares will give it "a substantial majority of its loans and deposits in the Houston marketplace." CBFH acquired Vista Bank Texas in Houston in August.
"Further expansion in the growing Houston market is key as we position ourselves as the preeminent independent bank in the state of Texas," Pat Parsons, chairman of CBFH's $2.5 billion-asset CommunityBank of Texas, said in the release.
Memorial City Bank has three branches in Harris and Montgomery Counties. CommunityBank has 35 branches in Texas.
CBFH was advised by Macquarie Capital and received legal advice from Bracewell & Giuliani. MC Bancshares was advised by Sterne, Agee & Leach and received legal counsel from Thompson & Knight.