A bank located in the far south of Texas about 30 miles from the Gulf of Mexico enters the Dallas-Fort Worth market through a merger.
Texas State Bankshares Inc., based in Harlingen, and its Texas regional bank are merging with Access Bancorp Inc., based in Denton, and its AccessBank Texas.
AccessBank Texas has six banking centers in Denton, Fort Worth and Dallas markets, which will give Texas Regional Bank a footprint in a new region. Texas Regional Bank has an existing network of 23 banking centers in South Texas, the Texas Hill Country and Houston.
“AccessBank Texas brings us our fourth region, allowing us to expand our financial services base to some of the state’s major markets,” said Michael Scaief, CEO of Texas Regional Bank, in a statement.
Completion of the merger is expected in the first quarter of 2022 after regulatory approvals.
AccessBank Texas, which started in 2007, has approximately $ 560 million in assets. As a result of the merger, Texas Regional Bank will have assets of over $ 2.5 billion and capital of over $ 250 million.
Texas Regional Bank began in May 2010 with the acquisition of Falfurrias State Bank, which had a banking center and $ 18 million in assets.
Transaction activity has been skyrocketing over the past year in part due to pent-up demand after the start of the pandemic. The global value of mergers and acquisitions reached a record high of $ 5.8 trillion in 2021, up 64% from the previous year, according to Refinitiv.