Spirit of Texas Bancshares, the holding company for Spirit of Texas Bank, received the regulatory and shareholders approvals needed to acquire Beeville Financial and its subsidiary, The First National Bank of Beeville. The transaction is expected to close on April 2, 2019.
“We are pleased to have received regulatory and shareholders approvals to acquire Beeville and look forward to closing the transaction on April 2nd,” said Dean O. Bass, Spirit’s chairman and CEO. “As previously stated, this transaction is accretive to earnings and enables us to leverage the strengths of both organizations. Beeville immediately makes our collective team a key player in the South Texas market, offering a wider array of financial solutions. Once closed, our teams look forward to working hard to prepare for the conversion in mid-August, 2019. Together, we remain committed to serving the surrounding communities as we develop our presence throughout the South Texas market in the years ahead.”
As of December 31, 2018, Spirit reported total assets of $1.5 billion, total deposits of $1.2 billion and total stockholders’ equity of $199 million. Beeville, on a consolidated basis, reported total assets of $435 million, total deposits of $395 million and total equity capital of $38 million.
Spirit of Texas Bank provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Spirit operates in the Houston, Dallas/Fort Worth and Bryan/College Station metropolitan areas and North Central and South Texas markets.
