Hoping to cash in on a boom in bank acquisitions in Texas, the investment bank Hoefer & Arnett Inc. will open an Austin office next month to advise the state's more than 700 community banks.

The San Francisco-based firm has hired Thomas R. Mecredy, an investment banker with Alex Sheshunoff & Co., to head the office. Joining him will be Denna Mc-Ghee, also an investment banker with Sheshunoff.

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