HOUSTON, Sept. 15, 2022 (GLOBE NEWSWIRE) — Allegiance Bancshares, Inc. ABTX (“Allegiance”), the holding company of Allegiance Bank, and CBTX, Inc. CBTX (“CBTX”), the holding company of CommunityBank of Texas, NA, jointly announced today that the Board of Governors of the Federal Reserve System has received regulatory approval to complete the previously announced merger of equals. This approval follows prior approvals from the Federal Deposit Insurance Corporation, the Texas Department of Banking and shareholders of both companies. No further regulatory approvals are required to complete the merger of Allegiance and CBTX. Upon completion, the merger will create a premier Texas banking franchise with the scale and capabilities to provide exceptional service to a broad spectrum of business and consumer clients throughout the Houston area and beyond.
Allegiance and CBTX expect to close the merger on or about October 1, 2022, subject to the satisfaction or waiver of customary closing conditions. Upon completion of the merger, the combined company will change its name to Stellar Bancorp, Inc. and will trade under the ticker symbol “STEL.”
“We are pleased to have received regulatory approval for the merger of our two highly complementary businesses,” said CBTX Chairman, CEO and President Robert R. Franklin, Jr., who will lead the combined company as CEO. “The magnitude of this combination amplifies their value as we share common cultures with a commitment to grow and deliver long-term value to our customers, employees, shareholders and the communities we serve,” continued Franklin.
“Receiving the required approvals paves the way for the tremendous opportunity that lies ahead of us to build a powerful partnership that will continue to differentiate us as a leader and competitor in our markets,” said Steve Retzloff, Chairman and CEO of Allegiance. “After months of planning together, we are committed to ensuring a successful integration of our two preeminent financial institutions…