An investor group that made an unsolicited offer to buy a Texas thrift company this year has sold its shares back to the company and agreed not to begin a new hostile bid.
East Texas Financial Services Inc. of Tyler said Friday that it had bought the group's shares at prevailing market prices. East Texas' stock was trading at $14.13 a share Monday morning.
The group, which was led by retired Paris, Tex., banker William D. Vaughan, owned about 10% of the company's shares and made an offer in August to acquire the $154 million-asset thrift. Mr. Vaughan could not be reached for comment Monday.
A week before the announcement, East Texas said it was planning its first acquisition - a $6 million deal for $38 million-asset Gilmer (Tex.) Financial Services Inc. With the stock repurchase, East Texas president Gerald W. Free said, the company will work toward cost savings that can be achieved from the Gilmer deal.
- Craig Woker