Vista Bank in Dallas has agreed to sell seven branches in rural markets to First United Bank in Dimmitt, Texas.
The $2.4 billion-asset Vista applied with regulators to sell branches in the Texas markets of Abernathy, Hale Center, Haskell, Idalou, Petersburg, Plainview and Ralls. The deal is expected to close in the first quarter. First United has $2.2 billion in assets.
The branches had a total of $383 million of deposits on June 30, according to data compiled by the Federal Deposit Insurance Corp.
“The Bain family has shared Vista’s core values for over a century, making First United Bank the perfect partner for this transaction,” John Steinmetz, Vista’s president and CEO, said in a press release.
“We couldn’t feel better about partnering with them to continue serving these communities, knowing that our team members and valued clients will remain in the best of hands. We are committed to ensuring a smooth transition for everyone involved,” he added.