Betty Dillard email@example.com
Fort Worth-based Meridian Bank Texas said March 12 it has entered into a definitive agreement to acquire State Bank and Trust Co. for an undisclosed amount. The deal is expected to close after regulatory approval within 90 to 120 days. The combined banking operation will have more than 60 employees operating in five locations in the Dallas-Fort Worth area, with total assets of nearly $450 million.
Meridian Bank Texas opened in 2007 and is a $260 million community banking operation with a branch in Denton. It is part of Marquette Financial Companies, a $1.2 billion banking and financial services holding company owned by the Pohlad family based in Minneapolis. Meridian Bank Texas focuses on commercial real estate, energy lending and business banking. The organization has been involved in banking in North Texas dating back to the 1990s, with its ownership of First State Bank of Texas. State Bank and Trust Company, a $185 million community bank, is headquartered in Carrollton with branches in the Dallas Central Business District and in Denton. The bank is owned by the Bright family of Dallas and focuses on business banking and commercial real estate. Glenn Monroe, chairman and CEO of Fort Worth-based Meridian Bank Texas, cites the complementary geographic and service lines as benefits of the combination.
“We’re both family owned, coming from a long history of community banking success. The cultural similarities will translate to our clients in Fort Worth, Dallas and Denton as we coordinate and expand the services in each market,” Monroe said in a news release. “Our industry has gone through dramatic changes during the last five years and competition is only getting tougher. We believe this acquisition will enhance our ability to compete in the markets we serve through a stronger balance sheet and a dedication to personalized customer service. Both banks have very experienced bankers who will be able to provide expanded services to clients,” he added. The combined bank will join Marquette Asset Management, Marquette Business Credit, Marquette Transportation Finance and Meridian Bank of Arizona within Marquette Financial Companies. Following the acquisition’s close, the bank will operate all five locations, including Carrollton, Dallas, Fort Worth and two in Denton, as Meridian Bank Texas. Commerce Street Capital, LLC served as financial adviser to State Bank and Trust Company in this transaction.