Louise Bancshares has entered into an agreement to acquire Dilley State Bank in Dilley.
The agreement was announced this week by Louise Bancshares and its wholly owned subsidiary, The First State Bank, Louise, and Dilley State Bank, Dilley.
Upon closing of the transaction, expected in the fourth quarter of this year, Dilley State Bank will become a wholly owned subsidiary of Louise Bancshares. The transaction is subject to receipt of customary regulatory and shareholder approvals, according to a joint news release from Louise Bancshares and Dilley State Bank, Dilley.
Dilley State Bank, which will retain its name, has been a locally owned and operated bank since its founding in 1907, according to the news release.
“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,” said Jeff W. Avant, CEO of Dilley State Bank.
The First State Bank, Louise, which opened in 1956, has 12 branches stretching from Louise to Victoria, Refugio and Angleton markets.
“We believe Dilley State Bank is an excellent match for our own tradition of community banking experience in southeastern Texas,” said Kinnan Stockton, President of The First State Bank.
First State Bank, Louise plans to offer additional services and opportunities to the Dilley bank’s customers once the acquisition is complete, said Chip Jenkins, CEO of The First State Bank.
Dilley is in Frio County and is about 130 miles west of Victoria.