REGULATORS APPROVE ACQUISITION BY BANCTEXAS GROUP INC.
DALLAS, Dec. 2 ~PRNewswire~ -- BancTEXAS Group Inc., a bank holding company whose stock is traded on the New York Stock Exchange (NYSE: BTX), announced today that all regulatory approvals have been received relating to its acquisition of First Bank~Las Colinas, a $21 million state-chartered bank in Dallas County, which is to be merged into BTX's wholly-owned subsidiary, BankTEXAS N.A. As previously announced, this acquisition is to be accomplished by means of an anti-dilutive exchange of BTX's common stock for that of First Bank~ Las Colinas. Pursuant to the merger agreement, a pricing period of ten days will determine the exact exchange ratio. Approval by the shareholders of First Bank~Las Colinas at a special meeting to be held on Dec. 16 is also necessary. On a pro forma basis, the capital ratios for the merged banks would have been as follows on Sept. 30, 1992: leverage capital of 5.03 percent; Tier I capital at 7.36 percent of risk weighted assets; and total capital at 8.61 percent of risk weighted assets. Pursuant to the Federal Deposit Insurance Corporation Improvement Act effective Dec. 19, 1992, in order for a bank to be "adequately capitalized" it must have leverage capital of 4 percent; Tier I capital at 4 percent of risk weighted assets; and total capital at 8 percent of risk weighted assets. Assuming consummation of this merger before yearend 1992, BankTEXAS N.A. will have met or exceeded all three tests and should be deemed to be an "adequately capitalized" bank, the second highest category recognized by this Act. As reported previously, BankTEXAS N.A. is currently subject to a formal agreement with the O.C.C. which requires leverage capital of 5 percent and Tier I capital at 8.75 percent of risk weighted assets. On Sept. 30, 1992, BankTEXAS N.A. reported leverage capital of 4.04 percent; Tier I capital was 5.95 percent of risk weighted assets; and total capital was 7.45 percent of risk weighted assets. On Sept. 30, 1992, First Bank~Las Colinas reported leverage capital of 18.64 percent; Tier I capital was 29.28 percent of risk weighted assets; and total capital was 30.94 percent of risk weighted assets. Nathan C. Collins, chairman of the board and chief executive officer of BTX, expressed his enthusiasm for this step in the continuing recovery of BTX and BankTEXAS N.A. "We are gratified at this opportunity to serve the Dallas community again and most pleased that this transaction will restore our bank to acceptable capital levels." -0- 12~2~92 ~CONTACT: Nathan C. Collins of BancTEXAS Group Inc., 214-701-4701~ (BTX)
CO: BancTEXAS Group Inc. ST: Texas IN: FIN SU: TNM
GK -- NY014 -- 2802 12~02~92 10:12 EST
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|Date:||Nov 30, 1992|
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