Jefferson Savings Bancorp, St. Louis, announced it will consolidate its Texas thrift into its Missouri subsidiary, Jefferson Savings and Loan.

First Federal Savings Bank of North Texas will become a piece of Jefferson Savings and Loan. "It no longer makes sense to incur the expense associated with the operation to two separate charters," said David V. McCay, chairman and chief executive of $1.2 billion-asset Jefferson. "The merger will allow us to create economies of scale."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.