Lone Star Capital Bank, N.A. Announces Agreement to Acquire Business Bank of Texas, N.A.
Lone Star Capital Bank, N.A. (“LSCB”), headquartered in San Antonio, Texas, has entered into a purchaseand assumption agreement for substantially all of the assets, deposits, and certain other liabilities ofBusiness Bank of Texas, N.A. (“BBT”), headquartered in Austin, Texas. The acquisition of BBT by LSCBis expected to be completed early in the second quarter of 2021.
Danny Buck, President and Chief Executive Officer of LSCB commented “We are truly excited about thisopportunity. Business Bank and its team of outstanding bankers fit well with LSCB and our culture ofexcellence and our intense focus on service to our customers and communities.” Dave Sather, Chairmanof BBT added, “This is a fantastic combination of respected and talented people. This enhanced teamwill deliver a strong culture and skillset that will provide excellent service to our customers."
Founded in 2007, and with total assets of $106 million as of November 30, 2020, BBT specializes inadvising and serving the needs of small businesses and their owners. With one branch in Austin, BBT’sprimary market is Central Texas. LSCB, founded in 2003 and currently with total assets of $304 million,has seven full-service branches in San Antonio, Drippings Springs, Marble Falls, Johnson City, and Blanco.With this transaction, LSCB will exceed $400 million in assets and will be a prominent provider of bankingservices in the Central Texas, Texas Hill Country, and San Antonio areas.
T.D. Winters, President and Chief Executive Officer of BBT added “We look forward to collaboratingwith the leadership and management at LSCB. Blending our teams will provide a solid platform of supportto our current and future customers in Central Texas and the Hill Country.” Bill McCandless, Chairman ofLSCB agreed and said, “The combination of our banks gives us the size to be very competitive in thisregion. We welcome our new teammates and look forward to building our success together immediatelyand into the future.”
Lone Star Capital Bank specializes in loans, deposit accounts, and other services to small and medium sizedbusinesses, entrepreneurs, real estate professionals, and investors.
In connection with the transaction, Bruce Toppin with Langley & Banackserved as LSCB’s legalcounsel. Dan Bass with Performance Trust Capital Partners served as financial advisor to BBT and LarryTemple served as BBT’s legal counsel.
Details
December 22, 2020