Texas Independent Bancshares, the parent company of Texas First Bank, said Monday it completed its merger with Preferred Bancshares and its subsidiary, Preferred Bank.
The merger, announced in February, creates a company with $1.4 billion in assets and gives Texas City-based Texas First Bank 27 banking centers in seven Houston-area counties — Galveston, Harris, Jefferson, Brazoria, Liberty, Chambers and now Montgomery counties.
The merger, the largest to date for Texas First Bank, also gives the company about 300 employees.
“We’re excited to expand our presence in Houston and enter into The Woodlands, Spring and Conroe communities by merging with Preferred Bank, a local bank that has a strong desire to serve the financial needs of its community and shares many of the same corporate values as ours,” Texas First Bank President and CEO Chris Doyle said.
Preferred Bank will continue to operate five locations under the name Preferred Bank until October, when Preferred Bank will be renamed Texas First Bank.
Preferred Bank Chairman Herb Williams will assume the role of vice chairman-Houston at Texas First Bank, and Preferred Bank President and CEO Donald J. Najvar will serve as president-Houston at Texas First Bank.
Charles T. Doyle founded Texas Independent Bancshares in 1973 with the purchase of the First State Bank of Hitchcock.