East Texas Financial Services Inc. in Tyler has agreed to be acquired for $23.5 million by a company owned by one of its board members.

Steele Financial Corp., which is principally owned by Brandon T. Steele, announced last week that it has agreed to buy East Texas Financial, the $243 million-asset parent company of First Federal Bank Texas, according to information from Carson Medlin Co.

First Federal has four branches. At the end of September, the thrift reported a leverage ratio of 8.20%, a Tier 1 risk-based ratio of 12.09%, and a total risk-based ratio of 12.65%, according to the Federal Deposit Insurance Corp.

The thrift's nonperforming assets were 0.85% of the total. The transaction is expected to close in the third quarter.

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