July 1, 2020 Comments Off on Three Banks in SA, Austin Agree to Merge Views: 451 San Antonio, Texas News

Three Banks in SA, Austin Agree to Merge

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Three affiliated banks have agreed to merge to form a Central Texas banking franchise in San Antonio, Austin and the Texas Hill Country. Financial terms weren’t disclosed.

The holding companies for The Bank of San Antonio, The Bank of Austin and Texas Hill Country Bank will form one bank holding company, as Southwest Bancshares, Inc. On a pro forma basis, the combined banks would have nearly $1.5 billion in assets as of May 31.

“These three bank holding companies have many common shareholders and are affiliated with each other,” said J. Bruce Bugg Jr., chairman, president and CEO of all three holding companies. “It just made strategic sense for them to combine into one Central Texas banking franchise which covers San Antonio and Austin, the second and third fastest-growing large American cities, respectively, and the Texas Hill Country, which also has a strong and growing economic base.”

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