In Brief: Big Puerto Rico Bank Sets Texas Purchase

Popular Inc. said it has agreed to acquire Houston Bancorp. for an undisclosed amount; it would be the Puerto Rican bank's first foray into Texas.

Houston Bancorp., with assets of $51 million, is the parent of Citizens National Bank. The bank operates one office and markets primarily to ethnic minorities.

"Texas is a very important market and there is a large segment of the Hispanic population in the state that we feel is being underserved," said Richard L. Carrion, chairman, president, and chief executive officer of Popular.

Popular, with assets of $20 billion, is the parent of Banco Popular. It is the largest banking company in Puerto Rico, with more than 200 branches on the island, in the United States, and in British Virgin Islands. And it runs the largest Hispanic banking network on the U.S. mainland with 55 branches in New York, New Jersey, Illinois, Florida, and California.

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