Texas State Bankshares in Harlingen has agreed to buy Dallas investment bank Estrada Hinojosa & Co.
The $2.6 billion-asset Texas State did not disclose the price it will pay. The deal is expected to close in the fourth quarter.
Estrada Hinojosa has 48 employees and offices in cities such as Dallas, Houston, San Antonio, Miami, Chicago and New York.
The bank will expand into capital markets with the acquisition.
“This is an exciting and well-matched partnership that will expand our services … and further complement our commercial banking franchise,” Michael Scaief, Texas State’s chairman and CEO, said in the release.
“With the addition of Estrada Hinojosa and the capital of TRB, we can offer a full suite of financial solutions to public entities of all sizes,” Scaief added.
Noe Hinojosa Jr., chairman, president and CEO of the municipal underwriter, will become president of the Texas State’s new capital markets division and join the executive committee.