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Texas Bank and Trust Company to Acquire Vision Bank-Texas
Richardson, Texas, March 24, 2015 – Texas Bank and Trust Company announced today the signing of a definitive agreement to acquire Vision Bank-Texas, a Richardson, Texas-based bank with reported total assets of$179.5 million, total loans of $131.9 million, and total deposits of $160.9 million, as of December 31, 2014.
This transaction, which has been approved by the Boards of Directors of both organizations, is subject to certain conditions, including the approval by Vision Bank-Texas' shareholders and the appropriate regulatory agencies. The transaction is expected to close in early third quarter 2015.
"The acquisition of Vision Bank-Texas speaks directly to our strategic plan for growth and operational scope within this market," stated Rogers Pope, Jr., Vice Chairman and Chief Executive Officer of Texas Bank and Trust. "With the tremendous talents of Vision Bank-Texas' dedicated core of professionals, we see this as a great opportunity to leverage the expertise of both organizations to expand the reach of Texas Bank and Trust's financial services throughout the region."
"The Vision Bank-Texas team shares our philosophy and approach to community banking which is to remain a safe and sound depository, a prudent lender, and a community-minded financial services provider," Vice Chairman Pope added. "Thus, we are united by a common business culture to provide the highest quality financial products while adhering to the principles of responsible banking."
As of December 31, 2014, Texas Bank and Trust Company reported total assets of $1.99 billion, total loans of$1.54 billion, and total deposits of $1.77 billion. TB&T currently operates 20 locations, primarily along the Interstate 20 corridor in northeast Texas. The acquisition will establish a second branch location for the bank in the Metroplex. Texas Bank and Trust opened its Frisco branch on Network Boulevard in April 2014.
Gary Mulhollen, President and Chief Executive Officer of Vision Bank-Texas commented: "We have worked diligently over the past eight years to build a bank that provides exceptional customer service in a prudent and responsible manner while serving the needs of our community. Partnering with Texas Bank and Trust Company will allow us to further enhance our product offerings to customers and significantly expand our banking reach in the community. We are very excited about joining the Texas Bank and Trust Company team and look forward to the future opportunities that it will provide our customers and employees."
About Vision Bank-Texas
VisionBank-Texas was established in 2007 in Richardson, Texas, and currently operates from its headquarters at 401 West George Bush Freeway. The independent, community bank specializes in full-service personal banking, business banking, and treasury management services. For more information, please visit www.visionbanktexas.com.
About Texas Bank and Trust
Texas Bank and Trust Company was established in 1958 and is recognized as one of the strongest independent, community banks in the state. Nationally, the bank has earned the prestigious 5-Star Superior rating for strength and security from BauerFinancial, Inc – the nation's bank rating firm. Texas Bank and Trust offers a comprehensive array of personal banking, business banking,trust, and brokerage services. Texas Bank and Trust was named the 2014 Texas Family Business of the Year by Baylor University's Institute for Family Business and one of the Best Companies to Work for in Texas for the third year in 2015 by Texas MonthlyMagazine. Texas Bank and Trust is found online at www.texasbankandtrust.com.
SAMCO Capital Markets, Inc. advised Texas Bank and Trust Company in the transaction,with Jacob Thompson serving as lead advisor. Charles E. Greef and Jacqueline Kruppa of Hunton & Williams, LLP acted as legal advisors to Texas Bank and Trust Company. Vision Bank – Texas was advised in the transaction by Commerce Street Capital, LLC, with Brian Johnson serving as lead advisor. Justin Long of Bracewell & Giuliani, LLP served as legal advisor to Vision Bank - Texas.