CHARTER BANCSHARES TO ACQUIRE LA PORTE STATE BANK.HOUSTON--(BUSINESS WIRE)--June 15, 1995--Charter Bancshares, Inc. (Nasdaq:SAIL) today announced it has executed a definitive agreement to acquire La Porte La Porte (lə pôrt), city (1990 pop. 21,507), seat of La Porte co., NW Ind.; inc. 1835. It is a manufacturing center in fertile farmland on the edge of the Calumet industrial region. State Bank ("La Porte") for approximately $3.7 million in cash. Charter will pay $9.40 for each of La Porte's 388,708 shares. The transaction, which is subject to regulatory and shareholder approvals, is expected to close in the fourth quarter of 1995. As of March 31, 1995, La Porte had total assets of approximately $35 million, total deposits of $32.3 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 $2.4 million. The bank, which was founded in 1893, operates a single location in La Porte, Texas, a community southeast of Houston. La Porte is connected via a tunnel and soon-to-be-completed bridge across the Houston Ship- channel to Baytown, Texas Baytown is a city located along the Gulf Coast region in the U.S. state of Texas within the Houston–Sugar Land–Baytown metropolitan area. The city is mostly in Harris County with small portion in Chambers County, located along both State Highway 146 and , where Charter presently owns a bank with deposits in excess of $60 million. The La Porte State Bank had total loans at March 31, 1995 of $13.5 million. Jerry E. Finger, Charter's Chairman and Chief Executive Officer, commented, "This acquisition, which will be immediately accretive to earnings, is consistent with our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategy of building Charter's franchise in Houston and the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. area. La Porte will operate as a branch of Charter Bank - Houston but will retain a local decision-making structure. Michael Skowronek, La Porte's President, will continue to manage the activities of the La Porte location and will take on additional regional responsibility for Charter. We believe that the addition of La Porte, in concert with our Baytown location, will create attractive synergies for us in southeast Harris County Harris County is the name of several counties in the United States:
Charter Bancshares, Inc. is a 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 four member banks and 18 locations in the Houston/Galveston area, having total assets in excess of $800 million. Charter also operates Charter Mortgage Company, with seven mortgage lending offices in Houston, Austin, Dallas and Plano. CONTACT: Charter Bancshares, Inc. Jerry Finger, 713/692-6121 or Morgen-Walke Associates Michele Katz/Jeffrey Luth Press: Brian Maddox, 212/850-5600 |
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