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Charter Bancshares Acquires Texas Bank for $4.7 Million

Strategic Insights

— 1 min read

Charter Bancshares, Inc. has executed a definitive agreement to acquire Texas Bank, a Baytown-based bank, for approximately $4.7 million in cash. The transaction, subject to regulatory and shareholder approvals, is expected to close in mid-year 1996. As of September 30, 1995, Texas Bank had total assets of approximately $37 million, stockholders' equity of $3.4 million, deposits of $33.6 million, and loans of $20.6 million.

Key Takeaways:

  • Charter Bancshares, Inc. has agreed to acquire Texas Bank for approximately $4.7 million in cash.
  • The transaction is subject to regulatory and shareholder approvals and is expected to close in mid-year 1996.
  • As of September 30, 1995, Texas Bank had total assets of approximately $37 million, stockholders' equity of $3.4 million, deposits of $33.6 million, and loans of $20.6 million.
  • The acquisition is expected to create attractive synergies for Charter in eastern Harris County and neighboring communities.
  • Jerry E. Finger, Chairman and Chief Executive Officer of Charter Bancshares, Inc., commented, "This in-market acquisition will be immediately accretive to earnings, allow us to extend our retail franchise, expand our base of loans and core deposits, and increase the number of customers we serve."
  • Charter Bancshares, Inc. is a $875 million multibank holding company with 19 locations in the Houston/Galveston area, and operates Charter Mortgage Company with 8 production offices in Texas and one production office in Phoenix, Arizona.

Statistics:

  • $4.7 million: The approximate amount Charter Bancshares, Inc. will pay to acquire Texas Bank.
  • $37 million: The total assets of Texas Bank as of September 30, 1995.
  • $33.6 million: The deposits of Texas Bank as of September 30, 1995.
  • $20.6 million: The loans of Texas Bank as of September 30, 1995.
  • 19: The number of locations in the Houston/Galveston area operated by Charter Bancshares, Inc.
  • 8: The number of production offices in Texas operated by Charter Mortgage Company.
  • $875 million: The total assets of Charter Bancshares, Inc.

Sources:

  • Business Wire, "Charter Bancshares, Inc. Announces Agreement to Acquire Texas Bank", December 4, 1995.

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