Triumph Bancorp Inc., the Dallas-based holding company for Triumph Community Bank, N.A. and Triumph Savings Bank, SSB, said May 26 its subsidiary banks will ask for regulatory approval to merge into a single bank later this year.
The combined bank will continue doing business under their current names. Triumph Community Bank will continue operating its 18 branches and more than 30 ATMs throughout Illinois and eastern Iowa while Triumph Savings Bank will continue operating its two branches in Dallas.
John D. DeDoncker will serve as the chief executive officer of the Triumph Community Bank division.
“The merger of our two banks is consistent with our overall plan to improve Triumph’s operational efficiencies,” said Aaron P. Graft, vice chairman and chief executive officer of the company. “Our goal is to continue growing our organization. This merger allows us to benefit from synergies in our back office operations and puts us in a solid position for future acquisitions. It is a logical step forward in the Triumph growth story.”
The merger will not impact the products and services available to the banks’ customers, Graft added.
Triumph Bancorp’s specialty finance divisions, Triumph Commercial Finance and Triumph Healthcare Finance, as well as its other subsidiaries including Triumph Business Capital, Triumph Insurance Group Inc. and Triumph Capitial Advisors LLC, will also retain their names.
Triumph Bancorp Inc. trades on the Nasdaq under the symbol TBK.