Patriot Bancshares Inc. in Houston said Thursday that it has agreed to buy Texas Community Bank in The Woodlands.
Absorbing Texas Community would increase Patriot's asset size by nearly half, to $1.67 billion, making it the 10th largest privately held banking company in the state.
Patriot also would gain six branches in the Houston area. It has 10 in Houston and Dallas now.
The deal price was not disclosed.
Patriot said $476 million of deposits and $536 million of assets would be included in the acquisition.
However, Texas Community had assets of $570 million at June 30, according to the Federal Deposit Insurance Corp.
The reason for the discrepancy was unclear, and the banks did not return calls to discuss whether some assets are being retained by TCB Holding Co., the parent of the seven-year-old Texas Community.
In the second quarter, net income at Texas Community increased 72% from a year earlier, to $667,000, the FDIC data indicated.
The bank had noncurrent loans of $7.8 million, up tenfold from a year earlier, but halved from the first quarter. The noncurrent loans made up 1.82% of total loans.
The deal is expected to close in the fourth quarter.
