Published Tuesday, September 22, 2009 1:33 PM

Bank and Trust merges with Texas Enterprise in Bryan

The Bank and Trust of Del Rio officials on Tuesday announced plans to merge 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.

Officials with The Bank and Trust said it was a long-term goal to have a community-owned bank.

“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 located in the Galleria Village office tower in Bryan.

Tim Bryan, CEO of The Bank and Trust, brought more than 20 former employees of First National Bank when he became chief officer of The Bank and Trust in January. That’s when his group joined with the Del Rio bank, which also has offices in Bracketville, Sonora and San Angelo.

The Bank and Trust’s holding company, Westex Bancorp, Inc., has been partner in Anco Insurance on Briarcrest Drive since 2001.

Bryan’s family owned First National Bank for 144 years over four generations until selling to Franklin Bank two years ago. Franklin was six 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 it was buying Franklin’s properties. Bryan served in the role of market chairman at Prosperity until Jan. 1, then moved over to The Bank and Trust.

Officials said the deal should be finalized by late December or early January.

For more on the story, read tomorrow’s edition of The Eagle.

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