HOUSTON Sterling Bancshares announced last week that it would acquire Lone Star Bancorp in a stock-for-stock merger.
Both companies are based in Houston, in which 31 bank mergers have been announced since 1998, including eight since August.
The parent of Sterling Bank would swap 1,176,000 shares for all of the outstanding common stock of Lone Star, the $152 million-asset holding company for Loan Star Bank.
In mid-day trading Monday, Sterling shares were selling for $22 a share, near their 52-week high. That would give the announced purchase a price tag of approximately $25.87 million. The deal is scheduled to close early in the third quarter.
