December 31, 2021 – Harlingen-based Texas State Bankshares, Inc. and Denton-based Access Bancorp, Inc. announced today that they have entered into a definitive agreement to merge Access Bancorp, Inc. with Texas State Bankshares, Inc. and AccessBank Texas with Texas Regional Bank, pending receipt of all required regulatory approvals. As a result of the transaction, Texas Regional Bank will add AccessBank Texas’ six (6) banking centers and approximately $560 million in assets within the Denton, Fort Worth and Dallas markets to its existing network of twenty-three (23) banking centers in South Texas, the Texas Hill Country and Houston.
“Texas Regional Bank continues to seek out opportunities in growing Texas markets. AccessBank Texas brings us our fourth region, allowing us to expand our foundation of financial services to some of the top markets in the state,” said Michael Scaief, Chairman and CEO of Texas Regional Bank. “We have experienced great success by diversifying our footprint across Texas. Our move into the DFW area is part of our strategic plan and will give us the opportunity to expand on what AccessBank Texas has already done in the community,” said Bobby Farris, Vice Chairman of Texas Regional Bank.
The Board and shareholders of Access Bancorp, Inc., the holding company for AccessBank Texas, have approved the transaction. “The leadership, culture and vision of Texas Regional Bank will be a great fit for our stockholders, staff, and the community that we serve,” remarked Cleve Breedlove, President and CEO of AccessBank Texas. “This merger is all about enhancing our communities by strengthening existing product and service offerings and adding new options, such as Trust and Wealth Management,” said Brett Bingham, also a member of the Access Bancorp board.
Michael Scaief will continue as Chairman and President of Texas State Bankshares, Inc. and Chairman and CEO of Texas Regional Bank. Cleve Breedlove will serve as Region President over North Texas operations and will also oversee the region’s expansion. Both Cleve Breedlove and Brett Bingham will join the Texas Regional Bank’s Board of Directors. The transaction is subject to receipt of all necessary regulatory approvals. Completion is expected in the first quarter of 2022.
