Southwest Bancorp. of Texas announced a deal this week to buy Fort Bend Holding Corp. of Rosenberg, Tex., for $65 million of stock.
Houston-based Southwest, with $2 billion of assets, said it would exchange 1.45 share of its stock for each outstanding share of Fort Bend, putting the deal's value at 1.8 times book value.
Fort Bend is the $330 million-asset parent of Fort Bend Federal Savings and Loan Association. It has six branches in Montgomery and Fort Bend counties and also owns 51% of Mitchell Mortgage Co. in The Woodlands, Tex.
In buying Fort Bend, Southwest would gain entry into two of the Houston area's fastest-growing counties, said Paul B. Murphy Jr., president and chief operating officer of Southwest Bank of Texas.
"Southwest Bank of Texas is positioning itself to aggressively pursue the commercial lending and private banking opportunities throughout all of Greater Houston," he said.
This is the second deal announced this year to buy Fort Bend. In March, Millers Mutual Fire Insurance Co., Fort Worth, offered about $50 million for the thrift, only to let the offer expire in May. - Laura Pavlenko Lutton