A Texas businessman is leading a group that has agreed to buy T Bancshares in Dallas.

T Acquisition, an entity formed by A. Haag Sherman and the partners of Cain Watters & Associates, has agreed to buy the $207 million-asset parent of T Bank for $40.5 million, based on the seller's number of shares outstanding at Sept. 30. T Acquisition said it will pay T Bancshares shareholders two payments equal to $10 a share; the buyer will also pay the company a special dividend tied to profitability between the most recent quarter and the deal's closing.

Sherman is chief executive of Techtonic Advisors, a registered investment adviser with about $1.3 billion in assets under management and advisement, and a co-owner of a private energy services company. Sherman also serves as a director at Hilltop Holdings. Cain Watters, founded by Darrell Cain, is an accounting firm.

T Acquisition said in a press release that it has no plans to make any changes at T Bancshares after the deal's expected closing in the first quarter. The company and its bank will keep their names. Patrick Howard will remain the company's president and chief executive, and the current management team will be retained.

"T Acquisition understands our business model and represents an ideal partner for us to continue to grow our franchise," Howard said in the release. "We anticipate that this transaction will be virtually seamless to our customers."

T Acquisition was advised by Norton Rose Fulbright. T Bancshares was advised by Commerce Street Capital, the Bank Advisory Group and Hunton & Williams.

This transaction is the latest instance of a deal involving an investor group formed for the purpose of buying a small bank.

Captex Bancshares, an entity created by George Lea and Michael Thomas Jr., agreed in September to buy the $165 million-asset Trenton Bancshares in Texas. First Boston Holdings, a group with historical ties to Boston Private Financial Holdings, agreed last month to buy the $446 million-asset Admirals Bank in Boston.

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