Home Bancorp in Lafayette, Louisiana, has struck a deal to buy Texan Bank that would allow it to enter the Houston market, the companies said Wednesday.
The $2.7 billion-asset parent company of Home Bank is paying $66.6 million, or slightly more than $15 per share, for Texan Bank in an all-cash agreement. It is expected to be completed in the first quarter.
Texan Bank is operated by Friendswood Capital and has $445.3 million of assets along with five branches in Houston. It is one of nine community banks with less than $1 billion of assets in the area, according to a news release announcing the deal.
Home Bancorp has 39 branches in Louisiana and Mississippi.
“We look forward to further developing the Houston region together and building strong relationships with consumers and businesses,” Home Chairman and CEO John Bordelon said in the release.
Friendswood and Texan Bank CEO Kenny Koncaba will remain with Home as Houston market president.
Friendswood Chief Operating Officer Kristi Koncaba, who also founded Texan Bank, will remain with Home as director of business development in Houston.
“With a broader range of products and services, we believe the combined companies will serve and achieve great success as one of the strongest community banks in the area,” Kenny Koncaba said in the release.
