Summit Bank Corp. of Atlanta announced Monday that it is buying a Houston bank that targets Asian-Americans.
The $543 million-asset Summit said it would spend $23.7 million in cash, or roughly two times book, for the $112 million-asset Concord Bank. The deal is expected to close next quarter.
Pin Pin Chau, Summit's chief executive officer, said in a news release that Houston is a logical expansion market for her company. Summit serves a range of ethnic groups, including Asian-Indians, Chinese, Koreans, and Latin Americans, and about 32% of Houston-area businesses are minority-owned, she said.
Concord is to keep its name as a division of Summit National Bank. Its chairman and CEO, Ning Weng, and other senior executives are to remain with Concord.
