Daily News: November 7, 2019

Spirit of Texas Completes Acquisition of Chandler Bancorp

Spirit of Texas Bancshares, the holding company for Spirit of Texas Bank, completed its acquisition of Chandler Bancorp and its subsidiary, Citizens State Bank.

“The completion of this transaction is a significant milestone for our company, as it marks our tenth acquisition in Texas and our third since become a public company in May 2018,” said Dean O. Bass, Spirit’s chairman and chief executive officer. “Today, we celebrate this landmark occasion and warmly welcome the customers and talented associates of Citizens to the Spirit family. Our partnership with Citizens strengthens our position as a leading Texas community bank, with 36 locations across the State of Texas.”

In connection with the completion of this transaction, Greg Kidd joins the boards of directors of Spirit of Texas Bancshares and Spirit of Texas Bank. David Monk, president and chief executive officer of Citizens State Bank, will join Spirit of Texas Bank management as regional president—North East Texas Region of Spirit of Texas Bank.

As of September 30, 2019, Spirit reported, on a consolidated basis, total assets of $1.96 billion, total deposits of $1.59 billion and total shareholders’ equity of $296.7 million and Citizens, on a consolidated basis, reported total assets of $347.3 million, total deposits of $261.6 million and total shareholders’ equity of $40.5 million. Based on financial information as of September 30, 2019, on a pro forma basis, the combined company will have total assets of more than $2.3 billion.