Posted 12:31 am Tuesday, February 16, 2010
Steele Holdings To Acquire Bank
East Texas-based Steele Holdings Inc. has reached an agreement to acquire American State Bank this year, the companies announced in a joint statement Monday.
The agreement marks the second bank acquisition for Steele Holdings in 2010, which announced the buy up of East Texas Financial Services in late January. Both transactions are expected to close in the third quarter of this year.
"We are very pleased that American State Bank and Steele Holdings Inc. could align in order to provide continued local ownership of this outstanding local bank," Brandon T. Steele, company chairman, said in a prepared statement. "This opportunity was attractive to us because of our shared commitment to our customers, our employees and the East Texas community. We truly look forward to this exciting time for American State Bank."
Steve C. Wiggs, President and CEO of American State Bank, also added in a prepared statement, "The end result of this change in local ownership is that the American State Bank name and charter remains intact, which is in the best interest of our customers, prospective customers and employees.
"Tyler-based ownership that knows East Texas and is committed to East Texas will enable us to continue to take care of the financial needs of our customers in the personal and expeditious manner in which our customers have become accustomed," Wiggs added. "As an almost 100-year-old community bank, we look forward to continuing the American State Bank brand of banking."
American State Bank, based in Arp, was founded in 1911 and currently operates five locations in Tyler, Chapel Hill, Arp and Texarkana. As of Dec. 31, American State Bank's total assets valued $207 million.
