Rio Financial Services in McAllen, Texas, has applied to acquire Lone Star Capital Bank in San Antonio.
The application was filed with the Federal Deposit Insurance Corp. on March 12.
The parent of the $941 million-asset Rio Bank agreed in late February to buy the $300 million asset Lone Star. The price wasn’t disclosed.
Lone Star “has offices in … markets we have not been servicing in the past but we look forward to becoming a part of these communities,” Ford Sasser, Rio Financial Services’ CEO, said in a press release.
Donnelly, Penman & Partners and Holland & Knight advised Rio. Stephens and Fenimore, Kay, Harrison advised Lone Star.