Charter Bancshares to acquire Texas Bank of Baytown.HOUSTON--(BUSINESS WIRE)--Dec. 4, 1995--Charter Bancshares, Inc. (Nasdaq:SAIL) today announced that it has executed a definitive agreement to acquire Texas Bank, 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 ("Texas Bank") for approximately $4.7 million in cash, subject to the resolution of certain contingencies by Texas Bank. The transaction, which also is subject to regulatory and shareholder approvals, is expected to close in mid-year 1996. As of September 30, 1995, Texas Bank had total assets of approximately $37 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 $3.4 million. Deposits totaled $33.6 million and loans were $20.6 million. Texas Bank currently operates in two locations in communities east of Houston; 6810 Garth in Baytown, and 11522 Eagle Drive in Mont Belvieu. Charter presently has one branch in Baytown and one branch in nearby La Porte, Texas. Jerry E. Finger, Charter's Chairman and Chief Executive Officer, commented, "This in-market acquisition, which will be immediately accretive to earnings, allows Charter to extend our retail franchise, expand our base of loans and core deposits, and increase the number of customers we serve. We believe that the addition of Texas Bank, in concert with our existing locations in Baytown and LaPorte, will create attractive synergies for us in eastern Harris County and neighboring communities." Charter Bancshares, Inc. is a $875 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 |
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