Ballinger National Bank is set to be sold and renamed.
An investor group in Austin, Texas, has raised $20 million as part of a plan to buy the $43 million-asset bank. Ballenger will be renamed Keystone Bank and its headquarters will move to the Austin suburb of Bee Cave.
The bank will still have a branch in Ballinger, which is roughly 200 miles northeast of Austin. Some of Ballinger National’s employees will remain at the bank, though it is unclear how many people will stay or what their roles will be.
Keystone Acquisitions, the group formed to handle the acquisition, expects to raise more money before it completes an initial round of funding in late December. The group announced plans to by Ballinger National in late July.
Jeff Wilkinson, previously president and CEO of Pioneer Bank in Dripping Springs, Texas, is set to become Keystone’s chairman and CEO.
“Everything about our operation will put the client first — from the way we build relationships to why and how we’ll use technology,” Wilkinson said in a press release. “Keystone’s foundation will be the degree of depth, dimension and authenticity fostered in our relationships. We’ll be in the trenches with our clients, keeping a constant ear out for how we can best help them overcome challenges.”
Mark Few, a former chief operations officer at Centennial Bank, will have the same post at Keystone. Bryan St. George, another former Pioneer executive, will serve as Keystone’s president.
The group, which intends to invest heavily in technology, is working with Kasasa to handle its technology needs.
