Central Bancshares Completes Deal in Texas
BIRMINGHAM, Ala. - Central Bancshares of the South said it has increased its Texas assets above $1 billion by completing the acquisition of Promenade Bancshares.
Promenade, based in the Dallas suburb of Richardson, has three offices and $170 million in assets. Its subsidiary, Promenade National Bank, was folded into Central's affiliate, Compass Bancshares Inc., which now has nine banking offices in the north Dallas market.
Robert J. Bigham, president of Promenade, was left in charge of the three Promenade offices.
Central, which is based in Birmingham and has $5.4 billion in assets, made its first Texas acquisition in 1987 and has since bought 13 other banks in the Dallas and Houston areas. Central also recently entered the Florida market with its acquisition of Citizens and Builders Federal Savings Bank, Pensacola.