Community banking

In Brief: Sterling of Houston Has Deal to Buy BOTH

Published July 27, 2006, 1:00 a.m. EDT

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Updated July 26, 2006, 6:21 p.m. EDT

1 Min Read

Sterling Bancshares Inc. of Houston has a deal to buy the $320 million-asset BOTH Inc. in Kerrville, Tex., for $72.5 million in cash and stock.

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BOTH's Bank of the Hills has five branches in the San Antonio area.

J. Downey Bridgwater, the $3.8 billion-asset Sterling's chairman, president and chief executive, said Wednesday in a press release that Bank of the Hills' "strong deposit franchise will be a nice complement to our balance sheet, and their similar culture of service makes this a logical partnership."

The deal is expected to close next quarter.

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