Happy State Bank in the Texas Panhandle is in the process of acquiring its second trust company.
The $500 million-asset unit of Happy Bancshares Inc., has filed an application with the Texas Department of Banking to purchase American Church Trust Co. of Houston.
Pat Hickman, the chairman and chief executive officer at Happy State Bank, said in an interview last week that it filed the application Sept. 25 after about eight months of discussions.
He would not say how much his bank would pay.
American Church would be merged with Happy State Bank's Gold Star Trust Co. of Phoenix. The headquarters of American Church would be moved to Amarillo, creating 30 to 40 new jobs in the area over the next year, Mr. Hickman said.
"A little over two years ago we bought a trust company in Phoenix called Colonial Trust Co. and changed its name. … It's been a phenomenal acquisition, to the point we said, 'Let's find more,' " he said.
Both of the trusts specialize in church bonds, and each one has about $300 million of outstanding bonds. American Church has 20,000 self-directed individual retirement accounts.
