Maverick Bancshares in Lubbock, Texas, has agreed to buy Sandhills Bancshares in Monahans, Texas.
The $425 million-asset Maverick did not disclose how much it will pay for the $225 million-asset parent of Tejas Bank. The deal is expected to close in the first quarter.
“This isn’t just an expansion. It’s about strengthening our presence in the region we call home,” Brent Leslie, Maverick’s CEO, said in a press release. “Tejas Bank is a strong, highly respected institution. Their values align perfectly with ours. Authenticity, relationships, and a blue-collar mentality that puts people first.”
Todd Hunt, Tejas Bank’s president and CEO, will continue to lead the Monahans market as market president. Kent McDaniel, who chairs Sandhills and Tejas Bank, will join Maverick’s bank.