Austin Bancorp, the parent company of Austin Bank, has obtained regulatory approval to acquire The Chasewood Bank in Houston, Texas.
This acquisition is set for 14 February 2025, with the merged entity to have assets of $2.9bn and 40 locations.
in October last year, the companies announced the deal, which will result in Chasewood merging into Austin Bank.
Chasewood operates in northern Harris County with two branches and assets totalling around $88m.
Austin Bank, headquartered in Jacksonville, Texas, is a community bank with assets exceeding $2.8bn. It operates bank branches across 38 locations in 26 cities and 14 counties throughout Texas.
It is locally owned and operated by the Austin family.
Austin Bank board chairman Jeff Austin said: “We are expanding our presence in Southeast Texas and welcome the opportunity to serve the customers of Chasewood.
“We pledge to deliver the exceptional service Chasewood customers have come to expect.
“Additionally, we look forward to offering advancements in technology; relationship banking along with a complete range of personal and business products and services; drive-thru ATMs; as well as access to all Austin Bank locations.”
At the time of deal announcement, Chasewood president/CEO Bob Tyer said: “We have confidence that Austin Bank is the right choice for our bank and its customers.
“We look forward to becoming part of the Austin Bank family because of its commitment to quality and highly personalised service.”
“Austin Bank secures regulatory nod for Chasewood Bank acquisition” was originally created and published by Retail Banker International, a GlobalData owned brand.
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