Vista Bank Texas in Houston has agreed to buy Founders Bank of nearby Sugar Land.
The $145.7 million-asset Founders will fold its single branch into the $455.6 million-asset Vista. The companies did not disclose the price of the deal or say when they expect it to close.
Founders' president and chief executive, Jim Sturgeon, would become Vista's vice chairman. Vista also said it is interested in opening more branches.
"With the dramatic changes occurring in the banking industry, we think this merger is an excellent opportunity for both banks," Robert Franklin Jr., Vista's chairman and chief executive, said in a press release Tuesday.
"With increasing regulatory requirements, including higher capital levels, we believe more growth-oriented combinations like this will take place in the near future," Franklin added.
