Susser Bank Holdings LLC announced July 2 its acquisition of approximately 66 percent of the common shares of Arlington-based BancAffiliated Inc. and its wholly owned subsidiary, Affiliated Bank N.A.
“The investment in Affiliated provides a source of capital to accelerate its long-term growth and diversification strategy, designed to benefit the bank as well as its customers, employees and shareholders,” said Sam L. Susser, manager of SBH, and the newly appointed chairman of the board of Affiliated.
“This investment was the perfect answer to the needs of all of our stakeholders,” said Garry Graham, president and CEO of Affiliated.
“Like many community banks, we had shareholders that needed a strong liquidity option but have others that really want to see Affiliated continue to grow and support our long-term customers and dedicated team members. The Susser transaction allows us to meet the needs of our team without an outright sale of the bank, which would have led to layoffs and disruption for our highly valued customers. Our markets are strong and we now have access to capital to help clients achieve their vision and goals.”
Graham, president and CEO of Affiliated for the past 20 years, will continue to lead Affiliated in those same roles.
Commerce Street Capital LLC acted as financial advisor to Affiliated. Luse Gorman, PC acted as legal advisor to Affiliated. Alston & Bird acted as legal advisor to SBH. Affiliated Bank began in 1959 as a credit union – the Affiliated Federal Credit Union. The bank operates from its headquarters in Arlington and has four full-service branches (Arlington, Bedford, Garland and Round Rock), seven mortgage locations (Arlington, Brownwood, Dallas, Fort Worth, Frisco, Round Rock and Waco) and one dedicated SBA office in Plano. The Bank offers a variety of SBA, mortgage, business and consumer loans as well as business treasury management services and personal banking services. The Bank’s total assets as of March 31, 2018 were $671 million.
SBH is led by Sam L. Susser, a businessman based in Corpus Christi.