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Louise Bancshares, Inc. has announced its acquisition of Dilley State Bank in a mutual agreement whereby it and its wholly-owned subsidiary, First State Bank of Louise, Texas is expected to offer additional services and opportunities to current and future customers.
Upon closing of the transaction, expected in the fourth quarter of 2020, Dilley State Bank will become a wholly-owned subsidiary of Louise Bancshares, Inc. The transaction is subject to receipt of customary regulatory and shareholder approvals.
“Dilley State Bank has been a locally owned and operated bank, faithfully serving the community for over 100 years since opening in 1907,” Dilley State Bank CEO Jeff W. Avant said. “This decision by the board was entered into after significant consideration of opportunities to enhance the banking services offered to our customers.
“We have enjoyed amazing support from the community over many decades and greatly appreciate our loyal customers, friends and employees. It is important to us that our customers continue to enjoy a strong commitment for quality banking services and that our employees experience fair and professional treatment in this transition.
“It’s a rare opportunity to partner with such a great group of community bankers like The First State Bank of Louise and it gives us comfort in knowing the character, strength and quality of bankers we are joining,” Avant said. “We know that First State Bank looks forward to successfully serving the bank’s current and future customers in and around the area for many years to come.”
“We are aware of the long tradition of community banking made available to banking customers through Dilley State Bank,” The First State Bank President Kinnan Stockton said. “As community bankers ourselves with twelve branches in communities stretching from Louise to the markets around Refugio, Victoria and Angleton, we believe Dilley State Bank is an excellent match for our own tradition of community banking experience in southeastern Texas since our founding in 1956.”
“We can see that the Dilley State Bank is located in a community of wonderful people that carry a strong sense of pride about their community.” The First State Bank CEO Chip Jenkins added. “We look forward to the opportunity to serve Dilley and surrounding area with excellent customer service.
“We expect the transition will appear reasonably seamless to the existing customers of Dilley State Bank, and we plan to offer additional services and opportunities that appeal to current customers as well as those who may be future customers.”
Sheshunoff & Co. served as financial adviser and Fenimore Kay Harrison, & Ford LLP served as legal adviser to Dilley State Bank. Hunton Andrews Kurth LLP served as legal adviser to Louise Bancshares, Inc.10