Cornerstone Capital Bancorp in Houston has agreed to buy Peoples Bancorp in Lubbock, Texas.
The companies expect to close the deal in the first quarter. The price wasn’t disclosed.
Cornerstone would have $3.1 billion of assets after completing the acquisition.
Larry Allen, Peoples’ chairman and CEO, will join Cornerstone’s board and serve as area chairman for the Peoples Bank division.
The acquisition “reflects a strong strategic fit, bringing together two organizations committed to relationship banking and long-term community investment,” Scott Almy, Cornerstone’s president and CEO, said in a press release.
“With one of the strongest capital positions in our markets and a deep base of low-cost core funding, we are well positioned for meaningful organic growth,” Almy added. “By uniting Peoples’ loyal customer base and strong local presence with Cornerstone’s national resources, we are building an organization that will deliver lasting value to our team members, communities, and shareholders.”
Cornerstone was advised by Piper Sandler and Otteson Shapiro. Peoples was advised by Hillworth Bank Partners and Fenimore Kay Harrison.