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