Just days after several banking analysts tabbed it as a takeover candidate, Sterling Bancshares Inc. of Houston announced a deal — but as a buyer, not a seller.
The $3.4 billion-asset company said Friday that it would acquire the privately held Prestonwood Bancshares Inc. of Dallas. The price was not disclosed. Prestonwood is the holding company for Oaks Bank and Trust, which has $106 million of assets and five branches.
Oaks has four branches in Dallas County, which includes the cities of Dallas and Irving. Sterling has three in that county.
Sterling also operates eight branches in Bexar County, where San Antonio is located, and 25 in Harris County, which includes Houston.
Analysts say its attractive franchise makes Sterling an obvious target for out-of-state banks interested in entering Texas, especially in the wake of Zions Bancorp.’s agreement to buy the Houston-based Amegy Bancorp. That merger would leave Sterling one of the state’s largest independents.
The Prestonwood deal is scheduled to close in the fourth quarter.
