Texas Community Bancshares in Mineola has agreed to buy the Banc of San Jacinto County Bancshares in Coldspring, Texas.
The holding company for the $442.8 million-asset Broadstreet Bank said in a press release that it will pay $9.5 million in cash for the parent of the $42 million-asset SJCB Bank. The deal is expected to close in the first quarter.
SJCB Bank has $12.5 million of loans and $35.3 million of deposits.
The acquisition “is a natural extension of our strategy to grow thoughtfully in markets we know and understand, and it brings together two institutions that share a deep commitment to relationship-based community banking,” Jason Sobel, Texas Community’s president and CEO, said in the release. “We believe this combination will give SJCB Bank’s customers access to a broader range of products, services, and lending capacity, while creating long-term value for our shareholders.”
Alston & Bird advised Texas Community. Performance Trust Capital Partners and Fenimore Kay Harrison advised SJCB.