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Officials from two Bryan-College Station banks said Tuesday that a planned merger would enhance their ability serve the community.
The Bank and Trust of Del Rio will join with Texas Enterprise Bank. The business will be renamed The Bank and Trust of Bryan-College Station, and combined assets will total almost $200 million, officials said.
"We feel like it's a great opportunity for both entities," said Mike Holmgreen, chief deposit and marketing officer for the new bank. "I think we understand what's going on in Bryan-College Station and we have the ability to react and enhance that."
Five locations will be available to customers of the new community bank, with headquarters in the Galleria Village office tower in Bryan.
Tim Bryan, CEO of The Bank and Trust, said the larger bank would have the capability to serve all local business needs.
"We will now be able to be a significant player in the financial affairs of the community," he said. "A community bank cares about what happens in the community. That's opposed to an out-of-town bank that has branches here. They don't try and help the community grow. They're takers, not givers."
More than four generations of Bryan's family owned First National Bank for 144 years until it was sold to Franklin Bank two years ago. Franklin was 6 years old last winter when it went bankrupt after selling homes in weakened markets; the Federal Deposit Insurance Corp. was named receiver to protect deposits at the bank, and all 46 Franklin offices were shut down. The following day, Houston-based Prosperity Bank announced that it was buying Franklin's properties.
Bryan said that more than 20 employees whom he brought with him from First National Bank when he joined forces with The Bank and Trust of Del Rio would continue working at the renamed institution. Bryan partnered with the Del Rio bank, which also has offices in Brackettville, Sonora and San Angelo, in January.
"We'll cease being branches of Bank and Trust of Del Rio and become a bank on our own," Bryan said. "But the holding company that owns Del Rio will be a significant investor in The Bank and Trust of Bryan-College Station."
The Bank and Trust of Del Rio's holding company, Westex Bancorp Inc., has been a partner in Anco Insurance on Briarcrest Drive since 2001.
Ramiro Galindo, chairman of Texas Enterprise Bank, said merging with The Bank and Trust would allow him to carry out the vision he had in store for Texas Enterprise when he helped establish the bank in 2006.
"When I first conceived the idea of establishing a bank in the community, I foresaw a need for an institution that could be a significant player in the financial life in our area," he said. "This gives me the opportunity to take that big leap."
Current employees of Texas Enterprise Bank will remain at the institution, he said, and those who have established relationships with customers will be important in developing and maintaining business.
Holmgreen said bank officials were already addressing potential problems the merger could create for existing bank customers.
"When we first started The Bank and Trust, we got our own bank routing number with anticipation we would split off from Bank and Trust," he said. "Consequently, account numbers should not be impacted. We're very confident we can make a seamless integration of the two."
The deal should be finalized by late December or early January, officials said.
