Industry Bancshares in Industry, Tex., is buying Community Bancorp Inc. of Bellville for $33 million in cash and stock.
Jim Lindemann, the president of Industry Bancshares, said the companies agreed to the deal last month and that it is expected to close in late October, pending regulatory approval.
Both companies serve rural areas in Texas.
Industry, a three-bank holding company with $475 million of assets, said it would pay cash for maximum of 40% of Community's outstanding shares and use stock to pay for the rest. The price is 3.52 times Community's book value, according to Carson Medlin Co. Investment Bankers.
Community Bancorp, which is about 15 miles from the town of Industry, is the holding company for the 116-year-old First National Bank of Belleville. First National, which has assets of about $124 million, is to retain its name.
