Southside Bancshares Inc. in Tyler, Tex., is entering the Fort Worth and Arlington markets with a $36.5 million cash deal for Forth Worth Bancshares Inc.
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The seller's $126 million-asset Fort Worth Bank would retain its charter and its name, and Bruce M. Davis would remain the bank's president.
(Mr. Davis also is the president and chief executive officer of Forth Worth Bancshares.)
The $1.8 billion-asset Southside, which has 35 branches, said the acquisition would give it two branches in Fort Worth, one in Arlington, and a loan production office in Austin.
The deal was announced Thursday and is expected to close in the third quarter.
