Texas Independent Bancshares Finalizes Merger Agreement with Preferred Bancshares, Inc. and its subsidiary, Preferred Bank
Texas Independent Bancshares (“TIB”), the parent company of Texas First Bank, and Preferred Bancshares, Inc., the parent company of Preferred Bank, today jointly announce the execution of an agreement whereby TIB will merge with Preferred Bancshares and its subsidiary, Preferred Bank. Preferred Bank was founded in 1985 and is a full-service community bank with five banking centers in Houston-Memorial, Spring, Meyerland, The Woodlands, and Conroe. As of December 31, 2018, Preferred Bank had $282 million in total assets. The merger is set to close in the second quarter of 2019.
“We’re excited to add locations in Houston, The Woodlands, Spring, and Conroe by joining forces with such a well-established, local bank with strong community ties and corporate values that match ours,” stated Chris Doyle, President and CEO of Texas First Bank. Once complete, Texas First Bank will have 27 locations in seven Houston-area counties including Galveston County, Harris County, Jefferson County, Brazoria County, Liberty County, Chambers County, and now Montgomery County. Its approximate total asset size will reach $1.4 billion. The merger will strengthen Texas First Bank’s existing presence along the Texas Gulf Coast and deepen its “Strong, Solid & Secure™” commitment to individual consumers and commercial businesses throughout the many communities they serve.
“Partnering with Texas First Bank made perfect sense. Their commitment to the community combined with its strength and size will allow our customers, both personal and business, to access a wider array of financial services,” stated Herb Williams, Chairman of the Preferred Bank. This merger will bring an expanded suite of loan, deposit, and treasury management services to Preferred Bank, while offering access to 27 banking centers, online banking, and over 50 ATMs throughout Southeast Texas.
Both companies value an engaged and empowered workforce with a commitment to doing what is best for the community. Recently recognized as a “Best Bank to Work For” by American Banker and named the Galveston County Daily News’ 2018 Business of the Year, Texas First Bank is proud of its community bank heritage. “The most valuable assets of any bank are the people, and we look forward to welcoming the employees and customers of Preferred Bank into our family. Following the merger, current Preferred Bank Chairman Herb Williams will assume the role of Vice Chairman-Houston at Texas First Bank, and current Preferred Bank President and CEO Donald J. Najvar will be named President-Houston at Texas First Bank,” explained Chairman of Texas First Bank Matthew T. Doyle. “As Houston grows, we’re excited to grow with it. Keeping the ownership local means that we can continue to make local decisions in the community we call home.”
About Texas First Bank and Texas Independent Bancshares
The parent company of Texas First Bank, Texas Independent Bancshares was founded by Chairman Charles T. Doyle and had its beginning in 1973 with the purchase of the First State Bank of Hitchcock. Texas First Bank is a state-chartered community bank serving individuals, small-to-medium-sized businesses, and large corporations along the Texas Gulf Coast. Headquartered in Texas City, Texas First Bank has 22 locations throughout Galveston, Harris, Brazoria, Chambers, Liberty, and Jefferson Counties. It offers a wide range of personal and commercial banking, loan, insurance, and investment products and services via a dedicated, local staff committed to providing superior service and treating customers like family. To learn more about Texas First Bank, visit www.texasfirst.bank. Helping Texans Build Texas.
About Preferred Bank
Founded in 1985, Preferred Bank aims to be Houston’s premier community bank by exceeding customer expectations through relationship banking with experienced bankers. With 5 locations in the Greater Houston Metropolitan Area, Preferred Bank offers excellent banking services, products, and technologies to meet the everyday needs of the business community and individual consumers. Its senior management team brings over 156 years of banking experience, along with its employees who on average have more than ten years of experience at Preferred Bank. To learn more about Preferred Bank, visit www.preferredbanktx.com. Locally Owned, Texas Friendly.