A pair of banking veterans is looking to buy Trenton Bankshares in Texas.
Captex Bancshares, which has been created by George Lea and Michael Thomas Jr., has an agreement to buy the $165 million-asset parent of First National Bank of Trenton. Captex did not disclose how much it would pay for the acquisition, which is expected to close in the first quarter.
First National Bank has five branches in north Texas, $98 million in loans and $135 million in deposits. Captex plans to open a branch in Fort Worth, Texas, within a year of closing the acquisition.
Lea will serve as chief executive at Captex, while Thomas will be its president.
Lea and Mark Walsh, who will join the Captex board, worked together at First American Bank in Bryan, Tex., which was bought by Citigroup in 2005. Thomas' background includes leadership posts at Inwood National Bank and Southwest Bank in Fort Worth.
The board will also include Lew Donaghey, First National Bank's chief executive, and his father, Lewis Donaghey, the bank's chairman. Tony Schell, a partner at Escalate Capital Partners; Mark Welsh IV, a managing director at EnCap Investments; and Jim Cone, manager at Cone Elevator, will also become Captex directors.
"It has been a pleasure getting to know the Donagheys and the folks at Trenton over the past several months," Lea said in a Thursday press release. "We have great respect for the 100-year plus history of this bank's service to north Texas communities. We will build on this foundation and create the next great Texas community bank."
"We are building a team of bankers and investors from all over Texas to focus on this important region as well as other opportunities that present themselves in compelling markets around Texas," Thomas added.
Trenton was advised by Commerce Street Capital and Strasburger & Price. Captex was advised by Fenimore, Kay, Harrison & Ford.