December 26 — Bee Cave, Texas-headquartered Keystone Bank, N.A., and Green Bank, N.A., headquartered in Houston, Texas, announced that the banks have entered into a purchase and assumption agreement pursuant to which Keystone Bank will acquire certain assets and deposits associated with Green Bank’s Austin, Texas branch. Green Bank is the wholly owned subsidiary of Green Bancorp Inc.
The transaction is expected to close in the first quarter of 2019, subject to receipt of necessary regulatory approvals. Terms of the transaction were not disclosed. As part of the acquisition, Keystone Bank will gain a new branch just west of downtown Austin, at 1717 W. 6th St.
This acquisition of the Austin branch from Green Bank will mark the second acquisition by Keystone Bancshares Inc., the parent holding company of Keystone Bank. Keystone Bank was launched in October 2018 with the purchase of Ballinger National Bank, a national bank owned by five generations of the same family in Ballinger, Texas. In connection with the acquisition, Keystone Bank established the bank’s headquarters in the Bee Cave area, a suburb west of Austin.
“By acquiring this branch, Keystone immediately gains a location in the heart of central Austin,” said Jeff Wilkinson, chairman and CEO of Keystone Bank. “This transaction helps us gain an important foothold much faster than we otherwise would have been able to on our own.”
“We’re incredibly pleased to welcome this branch to the Keystone team,” said Bryan St. George, president of Keystone Bank. “With this acquisition we’re gaining great talent and a valuable location that will be instrumental in Keystone’s continued Austin expansion.”
Customers of this branch will receive additional information regarding the sale in the near future.