Texas Bank and Trust has agreed in principle to acquire Lindale State Bank of Lindale and First State Bank of Overton. Pending regulatory approval, the mergers are expected to be consummated in the fourth quarter of 2013.
Rogers Pope, chairman and chief executive officer of Texas Bank and Trust, indicated that the three banks have been closely associated for several years and that their consolidation should result in increased synergies and efficiencies. The banks in Lindale and Overton and their branches in Hideaway and New London, respectively, will bring Texas Bank and Trust's branch network to 18 and its total assets to approximately $1.8 billion.
Gary Taylor is vice chairman and chief executive officer of Lindale State Bank and Carroll Anderson is president. Todd Meadows, a former officer at Texas Bank and Trust, is president and chief executive officer of the First State Bank of Overton. Anderson stated that the merger with Texas Bank and Trust will provide a larger array of products and services (including trust and brokerage) to Lindale, Overton and the surrounding areas.
All three banks have received the highest five-star rating by Bauer Financial, one of the nation's premier bank rating agencies. In addition, Bankrate.com has named Texas Bank and Trust as one of the 33 top performing banks in the country and one of the five top performing banks in Texas among banks with assets between $1 billion to $3 billion.