An executive and two board members who were at Summit Bancshares Inc. in Fort Worth when it was sold in 2006 are getting back into community banking.
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The Summit insiders have organized Texas American Acquisition Group Inc. to buy the $104 million-asset Liberty Bank in Richmond Hills, Fort Worth Business Press reported Monday. The deal is expected to close this spring, but the price was not disclosed.
Bob Scott, who had been Summit's chief operating officer, formed Texas American with Elliott Garsek and William Meadows, both of whom were Summit board members. The group includes two others.
The $1.2 billion-asset Summit sold itself to Cullen/Frost Bankers Inc. of San Antonio in December 2006 for $364 million.
