Park Cities Bank’s holding companies, North Texas Bancshares Inc. and North Texas Bancshares of Delaware Inc., have signed a definitive acquisition agreement with Park Cities Financial Group Inc. to purchase and recapitalize the bank. The holding companies filed a petition for Chapter 11 on Oct. 16 in the U.S. Bankruptcy Court in Wilmington, Del.
“We have been working diligently to secure a strategic partner with a shared vision and commitment to strengthen Park Cities Bank and lead it into the future,” said CEO John D. Dienes in a news release. “This transaction provides capital to facilitate lending and business development in the communities we serve.” Dienes added that the Chapter 11 filing affects only the holding companies and does not affect Park Cities Bank.
Park Cities Bank is a Texas chartered bank based in Dallas with $422 million in assets, 70 fulltime employees and four branches – three in Dallas and one in Fort Worth – as of Sept. 30. The Deason family is lead investor of Park Cities Financial Group, with additional support provided by local investors. The holding companies’ financial adviser is Commerce Street Capital while Bracewell & Giuliani serves as legal adviser. Park Cities Financial Group’s legal adviser is Jackson Walker. – Betty Dillard