A Dallas-area investment group has applied to become a bank holding company so it could acquire a small bank outside of Austin.
DFW Capital Holdings said in a filing with the Federal Reserve Bank of Dallas last week that it intends to acquire the Schwertner State Bank, a 100-year-old institution with $41 million of assets and two branches in Williamson County. The Austin Business Journal reported Friday that the sale is expected to close next quarter. The buyer did not disclose a deal price.
In an otherwise slow market for mergers and acquisitions, Texas is one area where deal activity is relatively robust. The Schwertner deal would be at least the ninth announced in Texas this year and the second involving small banks in the Austin market. In April, Pioneer Bank in Dripping Springs announced that it was acquiring the $28 million-asset Colorado Valley Bank in LaGrange.