Chasewood Bank Acquisition Receives Approval for Closing
Deal News | Jan 27, 2025 | EIN
Austin Bancorp Inc., based in Jacksonville, has received regulatory approval for its acquisition of Houston-based Chasewood Bank, with the transaction set to close on February 14, 2025. Announced originally in October 2024, this acquisition is a strategic move by Austin Bank to expand its presence in Southeast Texas. Chasewood Bank, with $83.47 million in assets as of September 30, 2024, will add two branches to Austin Bank's existing 40 locations, increasing its total assets to $2.9 billion. Austin Bank aims to deliver exceptional service to Chasewood's customers, and plans include further expansion in the Houston area. This transaction marks the first local bank deal to receive regulatory approval in 2025, amidst expectations of increased M&A activity due to potential deregulation under President Trump.
Sectors
- Financial Services
- Banking
Geography
- United States – The companies involved, Austin Bancorp Inc. and Chasewood Bank, are based in Texas, USA.
- Texas – The transaction is specific to Texas, with Austin Bank expanding its presence primarily in Southeast Texas through the acquisition of Chasewood Bank.
Industry
- Financial Services – The acquisition involves two banks, Austin Bancorp Inc. and Chasewood Bank, which operate within the financial services sector, focusing on community banking.
- Banking – The article centers on a strategic acquisition within the banking industry, highlighting mergers and expanding operations across Texas.
Financials
- $83.47 million – Assets of Chasewood Bank as of September 30, 2024.
- $2.9 billion – Expected total assets of Austin Bank post-acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Austin Bancorp Inc. | Bidding Company | Company | Parent company of Austin Bank, acquiring Chasewood Bank to expand its regional footprint. |
| Chasewood Bank | Target Company | Company | A Houston-based community bank with $83.47 million in assets as of September 2024, being acquired by Austin Bancorp Inc. |
| Jeff Austin III | Chairman | Person | Chairman of Austin Bancorp Inc., making statements on the acquisition and future plans. |
| Texas Dow Employees Credit Union (TDECU) | Other Company | Company | Another Houston-based credit union awaiting regulatory approval for separate acquisitions and merger deals. |
| Sabine State Bank and Trust | Target Company for TDECU | Company | A Louisiana-based bank targeted for acquisition by TDECU. |
| Space City Credit Union | Merging Company | Company | A Houston-based credit union set to merge with TDECU. |