The Conroe-headquartered Spirit of Texas Bank acquired First Beeville Financial Corp. and its subsidary, the First National Bank of Beeville, on Nov. 26 according to a press release.
The deal valued at $63.7 million expands Spirit of Texas Bank into the Beeville, San Antonio and Corpus Christi markets. It already operates 15 locations in the Houston, College Station and Dallas areas, according to the release.
“We’ve been looking for effective ways to expand our footprint into South Texas, and this acquisition is a perfect fit for our culture and our future business plans in this region," said Dean Bass, chariman and CEO of Spirit of Texas Bank. "The transaction, which is expected to be immediately accretive to earnings, provides a great opportunity to leverage the strengths of our combined organizations and make available to the Beeville customer base and markets a wider array of financial solutions. We look forward to welcoming Beeville’s bankers, customers, shareholders and employees as we continue to develop our presence throughout the South Texas region in the years ahead.”
Brian Schneider, chairman and president of First Beeville Financial Corp., and Kent Fry, executive vice president and chief lending officer of The First National Bank of Beeville, will join Spirit of Texas Bank management, the release stated.
“The Beeville family—our shareholders, board of directors and employees—are excited about becoming a part of a larger community bank and its wide range of products and services that will be available to Beeville customers," Schneider said. "We strongly believe that our common cultures and deep commitment to customer service will enable us to continue our 128-year history of embracing technological advances while adhering to our longstanding values.”