CHARTER BANCSHARES TO ACQUIRE HOUSTON INDEPENDENT BANK.HOUSTON, TEXAS--(BUSINESS WIRE)--February 7, 1996--Charter Bancshares, Inc. (Nasdaq: SAIL) today announced it has executed a definitive agreement to acquire the assets and liabilities of Houston Independent Bank, N.A. ("HIB Hib abbr. Haemophilus influenzae type b ") for approximately $3.9 million in cash. The transaction, which is subject to regulatory and shareholder approvals, is expected to close in mid-1996. As of December 31, 1995, HIB has total assets of approximately $32.5 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $2.7 million. Deposits totaled $29 million and loans were $7 million. HIB operates one facility located at 11100 Southwest Freeway at Beltway 8 in southwest Houston. Charter presently has one traditional branch and one supermarket branch in southwest Houston. This is an in-market acquisition with attendant economies. Jerry E. Finger, Charter's chairman and Chief Executive Officer, commented, "This is another attractive opportunity for Charter to strengthen its presence in the growing markets that comprise greater Houston. With the previously announced acquisitions of Cypress National Bank in northwest Houston and Texas Bank, Baytown also expected to close in mid-1996, Charter's retail franchise should experience continued, profitable growth during the year ahead." Charter Bancshares, Inc. is a $900 million multibank holding company Noun 1. multibank holding company - a bank holding company owning several banks bank holding company - a holding company owning or controlling one or more banks with 19 locations in the Houston/Galveston area. Charter also operates Charter Mortgage Company with 8 production offices in Texas and one production office in Phoenix, Arizona. Charter's common stock is trading on the National Association of Securities Dealers Automated Quotation System National Association of Securities Dealers Automated Quotation System See Nasdaq. (NASDAQ) under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors SAIL. CONTACT: Charter Bancshares, Inc. Jerry Finger, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. (713) 692-6121 or Morgen-Walke Associates Michele Katz/Jeffrey Luth Press: Brian Maddox (212) 850-5600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion