Steele Holdings Inc. said Friday that it had bought American State Bank in Arp, Texas.

Steele, a private company based in Tyler, Texas, paid an undisclosed amount of cash for the $220.2 million-asset bank.

American State Bank had five branches and $178 million in deposits at Sept. 30. It was well capitalized, with a total risk-based capital ratio of 13.09%.

Nonperforming assets at the end of the third quarter were 0.45% of total assets.

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