Pioneer Bancshares in Dripping Springs, Texas, has struck a deal to merge with FC Holdings, the parent company of First Community Bank in Sugar Land, Texas.
The privately held companies described the transaction as a merger and did not disclose financial terms. The merger is expected to close late this year or in early 2016.
Jeffrey Wilkinson, the chief executive of the $409 million-asset Pioneer, will be CEO of the combined company, which will retain the Pioneer Bank name. Doug Harker, the CEO of the $622 million-asset First Community Bank, will "work for family-related interests" after the deal closes, the companies said in a news release.
Ron Coben, the chief operating officer at First Community Bank, will retain that title at the combined company.
After the merger, Pioneer Bank will have roughly $1 billion of assets and 22 branches in Texas, including locations in Austin, San Antonio, Waco and suburban Houston and Dallas. The banks said they will not close branches after the merger
Vining Sparks was financial adviser to Pioneer and Fenimore, Kay, Harrison & Ford was legal counsel. Sandler O'Neill was adviser to FC Holdings and Beiging, Shapiro & Barber was legal counsel.