Vista Bancshares in Dallas has agreed to buy Charis Holdings in Justin, Texas.
The $1.6 billion-asset Vista said in a press release that it will buy the parent of the $258 million-asset Charis Bank for an undisclosed amount of common stock. The deal is expected to close in the second quarter.
Charis has $167 million of loans and $222 million of deposits.
Certain Charis directors and executive officers have entered into agreements with Vista.
“In the next 10 years I believe you’ll see increased bank consolidation in Texas because of the rising cost of technology, innovation, competition from fintechs and shadow banks, as well as the ongoing regulatory environment,” John Steinmetz, Vista’s president and CEO, said in the release.
“We want to be the bank that boards around the state look to in order to create value for their shareholders,” Steinmetz added.
Stephens and Fenimore Kay Harrison advised Vista. Keefe, Bruyette & Woods and Alston & Bird advised Charis.