State Bank to Purchase Caldwell and Lexington Branches of Central Bank, Houston, Texas
03 Maggio 2004 - 11:48PM
PR Newswire (US)
State Bank to Purchase Caldwell and Lexington Branches of Central
Bank, Houston, Texas LA GRANGE, Texas, May 3 /PRNewswire-FirstCall/
-- State Bank, a wholly owned subsidiary of Texas United
Bancshares, Inc. ("Texas United"), today announced the signing of a
definitive agreement providing for the acquisition for cash of the
Caldwell and Lexington branches of Central Bank of Houston, Texas.
As of February 29, 2004, deposits at both branches totaled
approximately $102 million and loans totaled approximately $34
million. Caldwell is located 20 miles from Bryan/College Station,
Texas and Lexington is located 40 miles north of La Grange, Texas.
Texas United Bancshares, Inc., headquartered in LaGrange, Texas
with 18 branch offices, had $637 million in assets and $501 million
in deposits as of December 31, 2003. Guido Piggott, President and
Chief Executive Officer of Central Bank, stated, "The decision to
sell these branches was a difficult one but will allow Central Bank
to re-deploy it's capital in the Houston market. A major
consideration in the sale was to find a buyer that was a good fit
culturally for these rural markets and one that would provide job
preservation for the staff at both locations. "It is our belief
that State Bank was an ideal candidate for the acquisition. As we
discussed the details of the transaction with Mr. Stricklin, it
became obvious that there were many common values shared by the two
banking organizations." "We are excited to have these locations in
our growing Central Texas franchise. Both locations compliment our
existing locations in the Lexington and Bryan/College Station
markets," said L. Don Stricklin, President and chief Executive
Officer of Texas United Bancshares, Inc. The acquisition is
expected to be completed in the third quarter of 2004, subject to
customary closing conditions, including regulatory approval. Texas
United Bancshares, Inc. is a registered financial holding company
listed on the Nasdaq National Market under the symbol "TXUI". Its
wholly owned subsidiary, State Bank, offers a complete range of
banking services through 18 full-service banking centers located in
the greater central and south central Texas area. In addition,
State Bank has seven mortgage loan production offices located in
Houston and San Antonio through its wholly-owned subsidiary,
Community Home Loan. In connection with the proposed merger of GNB
Bancshares, Inc. ("GNB") into Texas United, Texas United will file
with the Securities and Exchange Commission a registration
statement on Form S-4 to register the shares of Texas United's
common stock to be issued to the shareholders of GNB. The
registration statement will include a joint proxy
statement/prospectus which will be sent to the shareholders of GNB
and the shareholders of Texas United seeking their approval of the
proposed transaction. WE URGE INVESTORS AND SECURITY HOLDERS TO
READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY
STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON
FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED
TRANSACTION, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT TEXAS
UNITED, GNB AND THE PROPOSED TRANSACTION. Investors and security
holders may obtain free copies of these documents through the
website maintained by the Securities and Exchange Commission at
http://www.sec.gov/ . Free copies of the joint proxy
statement/prospectus may also be obtained by directing a request by
telephone or mail to Texas United Bancshares, Inc., 202 West
Colorado St., La Grange, Texas 78945, Attn: Investor Relations.
Texas United's telephone number is (979) 968-8451. The directors,
executive officers, and certain other members of management of
Texas United and GNB may be soliciting proxies in favor of the
merger from the companies' respective shareholders. For information
about Texas United's directors, executive officers, and members of
management, shareholders are asked to refer to the most recent
proxy statement issued by Texas United, which is available on its
web site and at the address provided in the preceding paragraph.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS This
release, other written materials, and statements management may
make, may contain certain forward-looking statements regarding
Texas United's prospective performance and strategies within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Texas United intends such forward-looking statements to be covered
by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995,
and is including this statement for purposes of said safe harbor
provisions. Forward-looking statements, which are based on certain
assumptions and describe future plans, strategies, and expectations
of Texas United, are generally identified by use of the words
"plan," "believe," "expect," "intend," "anticipate," "estimate,"
"project," or other similar expressions. Texas United's ability to
predict results or the actual effects of its plans and strategies
is inherently uncertain. Accordingly, actual results may differ
materially from anticipated results. The following factors, among
others, could cause actual results to differ materially from the
expectations stated in any forward-looking statement: the ability
of Texas United and GNB to obtain the required shareholder or
regulatory approvals for the merger of GNB into Texas United or to
consummate the merger the ability of Texas United to obtain the
required regulatory approvals for the purchase of the branches from
Central Bank, the ability to successfully integrate GNB and the
Caldwell and Lexington branches with Texas United following the
merger and the branch purchase; a materially adverse change in the
financial condition of either Texas United or GNB; a change in
general business and economic conditions; changes in the interest
rate environment, deposit flows, loan demand, real estate values,
and competition; changes in accounting principles, policies or
guidelines; changes in legislation and regulation; and other
economic, competitive, governmental, regulatory, geopolitical, and
technological factors affecting Texas United's operations, pricing,
products and services. The forward-looking statements are made as
of the date of this release and, except as may be required by
applicable law or regulation, Texas United undertakes no obligation
to update these forward-looking statements to reflect events or
circumstances that occur after the date on which such statements
were made. DATASOURCE: Texas United Bancshares, Inc. CONTACT: Tom
Adams of Texas United Bancshares, Inc., +1-979-968-7261 Web site:
http://www.sec.gov/
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