HARLINGEN, Texas – The leaders of two Texas-based banks have spoken about the merger of the two financial institutions.
Harlingen-based Texas State Bankshares, Inc. and Denton-based Access Bancorp, Inc. announced they have entered into a definitive agreement to merge Access Bancorp, Inc. with Texas State Bankshares, Inc. and AccessBank Texas with Texas Regional Bank.
Texas Regional Bank is a wholly-owned subsidiary of Texas State Bankshares, Inc.
The merger is subject to receipt of all required regulatory approvals.
As a result of the transaction, Texas Regional Bank will add AccessBank Texas’ six banking centers and approximately $560 million in assets within the Denton, Fort Worth and Dallas markets to its existing network of 23 banking centers in South Texas, the Texas Hill Country and Houston.
Here is what the leaders said:
“Texas Regional Bank continues to seek out opportunities in growing Texas markets. AccessBank Texas brings us our fourth region, allowing us to expand our foundation of financial services to some of the top markets in the state,” said Michael Scaief, chairman and CEO of Texas Regional Bank.
“We have experienced great success by diversifying our footprint across Texas. Our move into the DFW area is part of our strategic plan and will give us the opportunity to expand on what AccessBank Texas has already done in the community,” said Bobby Farris, vice chairman of Texas Regional Bank.
“The leadership, culture and vision of Texas Regional Bank will be a great fit for our stockholders, staff, and the community that we serve,” said Cleve Breedlove, president and CEO of AccessBank Texas.
“This merger is all about enhancing our communities, by strengthening existing product and service offerings and adding new options, such as Trust and Wealth Management,” said Brett Bingham, also a member of the Access Bancorp board.
Scaief will continue as chairman and president of Texas State Bankshares, Inc. and chairman and CEO of Texas Regional Bank.
Breedlove will serve as region president over North Texas operations and will also oversee the region’s expansion. Both Breedlove and Bingham will join the Texas Regional Bank’s Board of Directors.
Completion of the merger is expected in the first quarter of 2022.
Texas Regional Bank began operations in May of 2010 with the acquisition of Falfurrias State Bank. Ownership of the Texas State Bankshares, Inc., spreads across more than 900 shareholders, the majority of whom are located primarily in Texas. For more information about Texas Regional Bank, go to the bank’s website at www.texasregionalbank.com.
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