Spirit of Texas Bank SSB in College Station said Friday that it is buying the $77 million-asset Oasis Bank in Houston.
Oasis is in the process of relocating its lone branch to The Woodlands, Texas, so this deal would give Spirit of Texas three branches in that fast-growing market said its chairman and chief executive, Dean Bass. Terms of the deal were not disclosed.
"We were looking to expand in The Woodlands market … we think that it's a market that could be better served with the products we have," Bass said in an interview Friday, adding that he has been talking with Oasis officials for a year. He added that SpiritBank was also attracted to Oasis because it has a high percentage Latin American and Mexican foreign nationals as clients.
Oasis has been operating under a cease-and-desist with regulators since October 2009 for a variety of issues, though it did turn an annual profit last year for the first time since it was founded in 2007.
Spirit of Texas primarily does commercial and Small Business Administration lending. Since the bank was formed through a merger in 2008, it has grown from $50 million in assets to $319 million in assets. Spirit of Texas has 11 locations, including two loan production offices in Fort Worth and Dallas.
The Oasis acquisition is expected to close Nov. 30, subject to shareholder and regulatory approval.
