Printer Friendly

BANCTEXAS ANNOUNCES EARNINGS AND ACQUISITION

 BANCTEXAS ANNOUNCES EARNINGS AND ACQUISITION
 DALLAS, April 20 /PRNewswire/ -- BancTEXAS Group Inc. (NYSE: BTX), a


bank holding company, announced today that its earnings for the first quarter of 1992 were $58,000, compared to a loss of $1.1 million for the first quarter of 1991, and a loss of $344,000 in the fourth quarter of 1991. This is the first time since March 31, 1986 that BTX has reported positive quarterly earnings from operations. This continued improvement was not dependent on any extraordinary transactions but results from the continued efforts of BTX's management, staff and board of directors to restore the company to profitability after its 1987 restructuring. Nathan C. Collins, chairman of the board and chief executive officer of BTX, expressed optimism that the company will continue to report operating profits through the remainder of 1992, thus completing the first full year of operating profits for BTX since 1983.
 Collins announced that an agreement-in-principle has been reached for BTX to acquire First Bank/Las Colinas, a state-chartered bank with one office in Irving, Dallas County, Texas ("Las Colinas Bank"). This privately held bank had total assets of $23 million and stockholders' equity of $3.8 million at Dec. 31, 1991. This acquisition is subject to negotiation and execution of a definitive agreement by the parties, approval by the approximately 60 stockholders of Las Colinas Bank, and various regulatory approvals. After all of these conditions are met, the Las Colinas Bank will be merged into BTX's wholly-owned subsidiary, BancTEXAS McKinney N.A., and will function as a branch of that bank. The stockholders of Las Colinas Bank will receive shares of the common stock of BTX pursuant to a formula based on the average market price of BTX's common stock for a period of ten trading days before the effective date of this merger but, regardless of price, BTX will not exchange less than one million nor more than 2.5 million of its shares for all of the shares of Las Colinas Bank now outstanding.
 "We are delighted to be entering this rapidly growing segment of the Dallas market," Collins said. "We believe a niche bank like ours can use this location to serve small businesses and consumers in the Northern half of Dallas County, a market which is being increasingly dominated by very large banks with an impersonal and inflexible approach to customer service. The Las Colinas Bank is a well-run, well- capitalized bank in a growing part of the Metroplex and we look forward to serving this area as the Texas economy begins what we hope will be steady improvement over the next several years. We anticipate that this merger will be completed prior to year end."
 Collins further stated, "While the acquisition of Las Colinas Bank will assist us in meeting our capital goals and should provide a substantial improvement in earnings, BTX will continue its efforts to enhance the capital levels at its existing banks in Houston and McKinney. We look forward to the challenges of the '90s and to continue as a successful Texas bank, growing and meeting the needs of our customers."
 At March 31, 1992, BTX had consolidated assets of $283 million compared to $266 million at December 31, 1991. At March 31, 1992, nonperforming assets were $9.2 million, or 5.2 percent of loans and foreclosed property, compared to $10.3 million or 5.8 percent of loans and foreclosed property at Dec. 31, 1991. The allowance for loan losses at March 31, 1992 was $4.1 million, or 2.4 percent of loans. This allowance compares to $4.2 million, or 2.4 percent, at Dec. 31, 1991.
 BTX's consolidated risk based capital ratio was 6.67 percent at March 31, 1992. At March 31, 1992, the total risk based capital ratios were 7.12 percent for BancTEXAS Houston and 7.37 percent for BancTEXAS McKinney. At March 31, 1992, BTX's consolidated Tier I capital ratio was 4.73 percent and the Tier I capital ratios for BancTEXAS Houston and BancTEXAS McKinney were 5.62 percent and 5.86 percent, respectively.
 BANCTEXAS GROUP INC.
 Financial Summary
 (in thousands, except per share)
 First Quarter 1992 1991
 Net interest income $ 2,998 $ 2,071
 Provision for loan losses 240 310
 Net income (loss) 58 (1,120)
 Net income (loss) per share $ 0 $ (.07)
 Average number of shares
 outstanding 16,884 16,884
 Period End 3-31-92 3-31-91
 Assets $283,260 $229,721
 Deposits 246,992 211,906
 Loans 170,319 171,200
 Allowance for loan losses 4,143 5,266
 Stockholders' equity 9,258 11,012
 Nonperforming assets 9,181 14,825
 Risk based capital ratio,
 Tier I (in pcts.) 4.73 5.85
 Risk based capital ratio,
 Total (in pcts.) 6.67 8.42
 -0- 4/20/92
 /CONTACT: Kert Moore, controller-treasurer-chief accounting officer of BancTEXAS Group, 214-548-4010/
 (BTX) CO: BancTEXAS Group Inc. ST: Texas IN: FIN SU: TNM


SM -- NY048 -- 0043 04/20/92 12:05 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1992
Words:829
Previous Article:GRANCARE ENTERS AGREEMENT FOR SEVEN FACILITIES
Next Article:AT&T ANNOUNCES RESULTS OF ENVIRONMENTAL PROGRAMS; 'RAISES THE BAR' ON ITS PAPER RECYCLING EFFORTS


Related Articles
BANCTEXAS HAS IMPROVED OPERATING RESULTS AND JUMPS FDIC HURDLE
BANCTEXAS SIGNS DEFINITIVE AGREEMENT TO ACQUIRE BANK
BANCTEXAS GROUP ANNOUNCES EARNINGS AND ACQUISITION DEVELOPMENTS
BANCTEXAS GROUP ANNOUNCES EARNINGS
BANCTEXAS GROUP INC. COMPLETES ACQUISITION OF FIRST BANK/LAS COLINAS
BANCTEXAS GROUP INC. REPORTS IMPROVED EARNINGS
BANCTEXAS COMMENTS ON UNUSUAL STOCK TRADING VOLUME
FIRST BANKS, INC. TO INVEST $30 MILLION IN BANCTEXAS GROUP INC.
BANCTEXAS GROUP INC. ANNOUNCES RESULTS OF ANNUAL STOCKHOLDERS' MEETING

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters