First United Bank in Durant, Okla., has agreed to buy American Bank of Texas in Sherman.

The $3 billion-asset First United did not disclose how much it will pay for the $2.3 billion-asset American Bank. The deal is expected to close later this year.

American Bank "is a strong, successful bank and has been a treasured partner in the communities it has served," Greg Massey, First United's chief executive, said in a press release Tuesday. "We are committed to continuing this legacy and will remain a pillar in the communities we serve."

American Bank is owned by Dorothy and Lacy Harber.

First United was advised by D.A. Davidson and McAfee & Taft.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.