CommunityBank of Texas has agreed to buy Vista Bank Texas.
CommunityBank, which has $1.7 billion in assets, did not disclose the price it will pay for the $606 million-asset Vista Bank. CommunityBank is in Beaumont, Texas, while Vista Bank is in Houston.
"These are two independent powerhouses coming together to fill a hole in the Houston banking market," J. Pat Parsons, CommunityBank's chairman and chief executive, said in a press release Thursday. "Big corporate banks simply aren't flexible or nimble enough to work with customers on a personal level anymore. We saw an opportunity and seized it."
Parsons and Robert Franklin Jr., Vista Bank's president and chief executive, will serve as co-CEOs of the company. CommunityBank expects to complete the acquisition by Sept. 30.
"What has become even more obvious to our markets over the last five years is that it's the independent banks that are propelling growth," Franklin said in the release. "Our successful relationship-driven community banking model will provide us with a competitive edge in Houston's burgeoning economy and bring extensive capital resources that can be dedicated to this growing market."
Vista Bank received legal advice from Bracewell & Giuliani and a fairness opinion from Macquarie Capital. CommunityBank received legal advice from Sutherland, Asbill and Brennan and a fairness opinion from Performance Trust Capital Partners.