HOUSTON - Sterling Bancshares said it has executed a definitive agreement to merge with Guardian Bancshares.
Under the terms of the agreement, the holders of Guardian common stock will receive 2.5 Sterling common shares for each Guardian share.
Guardian Bank of Houston, the sole unit of Guardian Bancshares, has total assets of about $100 million. Following the merger, Guardian Bank of Houston will become a subsidiary of Sterling.
Separately, Sterling said it has also signed a definitive agreement with Enterprise Bank of Houston to purchase 100% of Enterprise's stock for a cash price of $15 million.