ST Financial Group Inc. in Montgomery, Tex., announced a deal Wednesday to buy Snook Bancshares Inc. in Snook, Tex., for an undisclosed amount.
ST Financial was formed to buy a bank by banking veteran Dean O. Bass, who was the chairman and chief executive officer of the $206 million-asset Royal Oaks Bank in Houston when it was sold to First Banks Inc. of St. Louis for $38.6 million on March 1, 2007. This is the company’s first deal.
In an interview Wednesday, Mr. Bass, who is ST’s president and chief executive officer, said the plan for the $41 million-asset Snook is to continue operating its branches in Snook and College Station and to expand into the Houston suburban market, northwest of The Woodlands.
"We are very pleased to have the opportunity to enter into this transaction with Snook and are excited about the opportunities to build on their operation in Burleson and Brazos counties," he said in a press release. "In addition, we have a de novo expansion activity planned for the Montgomery County market."
The deal is expected to close in the third quarter.
