Summit Bancshares Inc. of Fort Worth has agreed to buy ANB Financial Corp.
Buying the holding company of Arlington National Bank would give Summit four more branches and $82 million of deposits in Tarrant, one of Texas' largest counties. Its deposit share there, currently 4%, would be nearly 5%.
ANB, which has assets of $90 million, is in Arlington, Tarrant County's second-largest city. The $795 million-asset Summit has a lot of customers in Arlington but no branches there.
That makes ANB "a natural fit," Summit chairman, president, and chief executive officer Philip E. Norwood said in Thursday's press release announcing the deal. "Our existing customers in this market, representing $96 million in loans and $37 million in deposits, will now have the added convenience of four additional physical locations."
ANB president H.G. Leffler has agreed to be president of an Arlington division that Summit would create after completing the acquisition. The all-cash deal is expected to close next quarter. The price was not disclosed
