Pioneer Bancshares in Dripping Springs, Texas, has agreed to buy the holding company of Union State Bank in Kerrville, Texas.
The purchase of C BAR M will add $36 million in assets, $16 million in loans and $33 million in deposits. Pioneer, which has $262 million in assets and five branches, did not disclose terms of the deal, which is expected to close in the second quarter.
"We are thrilled to have found such a tremendous acquisition partner with a bank that has an exceptional balance sheet and capital strength as well as a strong commitment to community banking in the Texas hill country," Union State Bank President and Chief Executive Mike Allen said in the release. Pioneer's "culture and operating philosophies mirror our client focus and culture, and will bring a new energy to our team, community and customers."
Vining Sparks represented Pioneer in the transaction, and Fenimore, Kay, Harrison & Ford served as counsel. Finser & Associates was the financial advisor to Union State; Beard Kultgen Brophy Bostwick served as counsel.