Texas United Bancshares (NASDAQ:TXUI)
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State Bank to Purchase Caldwell and Lexington Branches of Central
Bank, Houston, Texas
LA GRANGE, Texas, May 3 /PRNewswire-FirstCall/ -- State Bank, a wholly owned
subsidiary of Texas United Bancshares, Inc. ("Texas United"), today announced
the signing of a definitive agreement providing for the acquisition for cash of
the Caldwell and Lexington branches of Central Bank of Houston, Texas.
As of February 29, 2004, deposits at both branches totaled approximately $102
million and loans totaled approximately $34 million. Caldwell is located 20
miles from Bryan/College Station, Texas and Lexington is located 40 miles north
of La Grange, Texas.
Texas United Bancshares, Inc., headquartered in LaGrange, Texas with 18 branch
offices, had $637 million in assets and $501 million in deposits as of December
31, 2003.
Guido Piggott, President and Chief Executive Officer of Central Bank, stated,
"The decision to sell these branches was a difficult one but will allow Central
Bank to re-deploy it's capital in the Houston market. A major consideration in
the sale was to find a buyer that was a good fit culturally for these rural
markets and one that would provide job preservation for the staff at both
locations. "It is our belief that State Bank was an ideal candidate for the
acquisition. As we discussed the details of the transaction with Mr.
Stricklin, it became obvious that there were many common values shared by the
two banking organizations."
"We are excited to have these locations in our growing Central Texas franchise.
Both locations compliment our existing locations in the Lexington and
Bryan/College Station markets," said L. Don Stricklin, President and chief
Executive Officer of Texas United Bancshares, Inc.
The acquisition is expected to be completed in the third quarter of 2004,
subject to customary closing conditions, including regulatory approval.
Texas United Bancshares, Inc. is a registered financial holding company listed
on the Nasdaq National Market under the symbol "TXUI". Its wholly owned
subsidiary, State Bank, offers a complete range of banking services through 18
full-service banking centers located in the greater central and south central
Texas area. In addition, State Bank has seven mortgage loan production offices
located in Houston and San Antonio through its wholly-owned subsidiary,
Community Home Loan.
In connection with the proposed merger of GNB Bancshares, Inc. ("GNB") into
Texas United, Texas United will file with the Securities and Exchange
Commission a registration statement on Form S-4 to register the shares of Texas
United's common stock to be issued to the shareholders of GNB. The
registration statement will include a joint proxy statement/prospectus which
will be sent to the shareholders of GNB and the shareholders of Texas United
seeking their approval of the proposed transaction.
WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON
FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE
REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED
TRANSACTION, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT TEXAS UNITED, GNB
AND THE PROPOSED TRANSACTION. Investors and security holders may obtain free
copies of these documents through the website maintained by the Securities and
Exchange Commission at http://www.sec.gov/ . Free copies of the joint proxy
statement/prospectus may also be obtained by directing a request by telephone
or mail to Texas United Bancshares, Inc., 202 West Colorado St., La Grange,
Texas 78945, Attn: Investor Relations. Texas United's telephone number is
(979) 968-8451.
The directors, executive officers, and certain other members of management of
Texas United and GNB may be soliciting proxies in favor of the merger from the
companies' respective shareholders. For information about Texas United's
directors, executive officers, and members of management, shareholders are
asked to refer to the most recent proxy statement issued by Texas United, which
is available on its web site and at the address provided in the preceding
paragraph.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
This release, other written materials, and statements management may make, may
contain certain forward-looking statements regarding Texas United's prospective
performance and strategies within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Texas United intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, and is including this
statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe
future plans, strategies, and expectations of Texas United, are generally
identified by use of the words "plan," "believe," "expect," "intend,"
"anticipate," "estimate," "project," or other similar expressions. Texas
United's ability to predict results or the actual effects of its plans and
strategies is inherently uncertain. Accordingly, actual results may differ
materially from anticipated results.
The following factors, among others, could cause actual results to differ
materially from the expectations stated in any forward-looking statement: the
ability of Texas United and GNB to obtain the required shareholder or
regulatory approvals for the merger of GNB into Texas United or to consummate
the merger the ability of Texas United to obtain the required regulatory
approvals for the purchase of the branches from Central Bank, the ability to
successfully integrate GNB and the Caldwell and Lexington branches with Texas
United following the merger and the branch purchase; a materially adverse
change in the financial condition of either Texas United or GNB; a change in
general business and economic conditions; changes in the interest rate
environment, deposit flows, loan demand, real estate values, and competition;
changes in accounting principles, policies or guidelines; changes in
legislation and regulation; and other economic, competitive, governmental,
regulatory, geopolitical, and technological factors affecting Texas United's
operations, pricing, products and services. The forward-looking statements are
made as of the date of this release and, except as may be required by
applicable law or regulation, Texas United undertakes no obligation to update
these forward-looking statements to reflect events or circumstances that occur
after the date on which such statements were made.
DATASOURCE: Texas United Bancshares, Inc.
CONTACT: Tom Adams of Texas United Bancshares, Inc., +1-979-968-7261
Web site: http://www.sec.gov/