An investor group that already controls 9.8% of East Texas Financial Services Inc. has made an unsolicited $20 million cash offer to seize control of the thrift.

The group, headed by Texas banking veteran William D. Vaughan, offered $16 per share Aug. 23 for the $151.1 million-asset thrift based in Tyler. The offer represents a 23% premium over the $13 per share that East Texas was trading at Friday afternoon.

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