Carlile Bancshares, Inc. to Acquire Northstar Financial Corporation and Its Subsidiary Northstar Bank of Texas
DENTON, Texas, Feb. 27, 2012 /PRNewswire/ -- Northstar Financial Corporation ("Northstar"), headquartered in Denton, TX, and Carlile Bancshares, Inc., ("Carlile"), headquartered in Fort Worth, TX, have announced that they have entered into a definitive agreement in which Carlile will acquire Northstar and its subsidiary Northstar Bank of Texas ("Northstar Bank"). This acquisition will be the largest for Carlile, whose intentions are to establish Northstar Bank as the flagship bank, and continue to operate under the Northstar Bank name with its existing leadership team. Rob Gentry, Northstar Bank's Chairman of the Board, will remain on the board and will join Carlile's Board of Directors. Tony Clark will remain the bank's President and Chief Executive Officer.
"We believe this transaction is in the best interest of our shareholders, employees, customers and the communities we serve," said Rob Gentry, Northstar's Chairman. "We both share the same vision for community banking built on the tradition of customer relationships, service quality and strong roots within the community."
Carlile was established in 2009 by experienced community bankers Tom C. Nichols, Chairman and Chief Executive Officer and Don E. Cosby, President and Chief Operating Officer, with the purpose of investing in community banks positioned for growth. Carlile approached Northstar Bank in 2011 with a strong interest to structure a transaction that would enhance Northstar Bank's ability for continued growth. The structure of this transaction maintains Northstar Banks leadership team and operational infrastructure.
Northstar Bank has 10 locations located throughout North Texas and is almost $1 billion in assets. Carlile has two bank subsidiaries, Treaty Oaks Bank with five locations in Austin and Marble Falls, TX and Bank of Broadmoor with four locations in Colorado Springs, CO; and combined assets of approximately $300 million.
"Northstar Bank is a successful community bank with the established leadership and brand that will add value to our holding company, and positions us strategically to continue growing throughout Texas," said Tom Nichols, Carlile's Chairman and Chief Executive Officer. "We are excited about this acquisition and the experience and depth that the Northstar team adds to our franchise," Nichols continued.
The transaction, which has been approved by Carlile and Northstar Board of Directors, is expected to be completed the second quarter of 2012. The transaction is subject to closing conditions including approval by Northstar's shareholders and regulatory approval. Northstar's shareholder meeting is expected to take place in April, 2012.
Northstar Bank recently brought recognition to the North Texas region once again, when they were named as one of the Best Companies to Work for in Texas in 2012 for the 4th straight year. It is the largest locally-owned bank in Denton County, and one of the largest community banks in the Dallas / Ft. Worth area. Northstar is a proven leader in the banking and mortgage industries. Its professional staff and its personalized style of banking have been the key ingredients to its success. Management of Northstar Bank believes that the partnership with Carlile will bring about a win-win situation for each of these entities, their customers, employees and the communities in which they serve.
Carlile Bancshares was formed by long-time Texas community bankers, to invest in community banks throughout the Southwest including Texas and Colorado. Founders Nichols and Cosby have a legacy of banking experience with over 30 years buying and operating financial institutions. With the addition of Northstar Bank, Carlile will hold bank assets of more than $1.3 billion with 15 locations throughout Texas and 4 locations in Colorado.
For more information contact:
Northstar Bank – Tony Clark, President and Chief Executive Officer at [email protected], or our Director of Marketing, Michele Barber, at 940-383-6211. www.nstarbank.com
Carlile Bancshares – executive officers, Tom Nichols, Chairman and Chief Executive Officer or Don Cosby, President and Chief Operating Officer at 817-877-4440. www.CarlileBancshares.com
SOURCE Northstar Financial Corporation
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