DALLAS - John D. Dienes, CEO of Park Cities Bank, has announced that the bank’s holding companies, North Texas Bancshares, Inc. and North Texas Bancshares of Delaware, Inc., have signed a definitive acquisition agreement with Olney Bancshares of Texas, Inc. to purchase Park Cities Bank. As a part of the transaction, Park Cities Bank will merge with and into Interbank, the wholly owned banking subsidiary of Olney Bancshares of Texas, Inc.
Interbank operates 36 banking locations in Texas and Oklahoma. As of Sept. 30, 2013, Interbank reported total assets of $2.12 billion, total loans of $1.65 billion and total deposits of $1.82 billion. Park Cities Bank, which operates four branches in the Dallas-Fort Worth Metroplex, reported total assets of $421.5 million, total loans of $229.3 million and total deposits of $396.2 million as of September 30, 2013.
“We are delighted to have reached this agreement with Interbank. They are one of the top performing banks in the United States and this merger will result in a banking institution that possesses a very strong balance sheet that will have abundant capital to serve our customers and communities,” said Dienes. “Additionally, Interbank shares the same values, vision and passion for a customer focused community bank; our customers and employees will be the beneficiaries of this combination.”
Pascal Hosch, the CEO of Interbank, added, “We echo John in his feeling that Park Cities Bank and InterBank have a shared vision for what community banking should be. We have a significant lending customer base in the Dallas/Fort Worth areas and we are excited to give them a local banking presence. Our strong earnings and capital base coupled with the outstanding staff of Park Cities Bank will allow us to be an aggressive partner for growing businesses and investment projects.”
The transaction resulted from the culmination of an auction process conducted in accordance with procedures approved by the U.S. Bankruptcy Court in the District of Delaware as part of the bankruptcy filings by North Texas Bancshares, Inc. and North Texas Bancshares of Delaware, Inc. under Chapter 11 of the Bankruptcy Code. On Dec. 17, the bankruptcy court approved the agreement between North Texas Bancshares, Inc. and North Texas Bancshares of Delaware, Inc.