Magazine article American Banker

Allegiance to Buy Post Oak as Houston Consolidation Heats Up

Magazine article American Banker

Allegiance to Buy Post Oak as Houston Consolidation Heats Up

Article excerpt

Byline: Paul Davis

Allegiance Bancshares in Houston has agreed to buy Post Oak Bancshares in Houston.

The $2.9 billion-asset Allegiance said in a press release Monday that it will pay $350 million in stock for the $1.4 billion-asset Post Oak. The deal, which is expected to close in the fourth quarter, prices Post Oak at 223% of its tangible book value.

Post Oak has 13 branches, $1.2 billion in loans and $1.2 billion in deposits. Most of its operations are in the Houston area. It is the latest area bank to agree to be sold in recent months.

"I have admired the leadership and growth that the entire Post Oak organization has achieved, and I am elated that we will soon be on the same team," George Martinez, Allegiance's chairman and CEO, said in the release. "The combined company will be well-positioned to take advantage of organic and strategic growth opportunities that will further enhance shareholder value as Houston's largest community bank. …

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