DALLAS, May 16, 2017 /PRNewswire/ -- T Acquisition, Inc. ("T Acquisition") and T Bancshares, Inc. ("T Bancshares"), the parent holding company of Dallas-based T Bank, N.A. ("T Bank"), a national banking association, jointly announced today that T Acquisition completed its acquisition of T Bancshares on May 15, 2017. T Bank will continue to operate as a wholly-owned subsidiary of T Bancshares following the closing.
Pursuant to the terms of the merger agreement, T Bancshares paid a special dividend of $2.6347 per share to its shareholders immediately prior to the closing, and each holder of outstanding shares of T Bancshares is entitled to receive $8.0275 per share as merger consideration.
Patrick Howard, who will continue to serve as President, Chief Executive Officer and a Director of T Bancshares and T Bank, said, "We are very excited for the value the T Bancshares shareholders received in the merger and look forward to our partnership with T Acquisition and the next chapter for T Bank. In addition, this merger will be seamless for our employees, and more importantly, our clients and business partners. Clients will continue to receive the same personal service and innovative solutions from the same banking professionals who have been serving them over the years."
A. Haag Sherman, Chairman of T Acquisition, added, "We were excited about T Bank, but have become even more excited after spending an increasing amount of time with Pat and his team. They are exceptional – visionary, honest, practical and client-centric. We look forward to working with Pat and his team in continuing to serve T Bank's clients and community for years to come."
About T Bancshares
T Bancshares had, on a consolidated basis, approximately $213.1 million in assets, $169.9 million in total loans, $174.7 million in deposits and total equity of $31.2 million and $1.2 billion in fiduciary assets as of December 31, 2016. Chartered in 2004, T Bank is a full-service commercial bank offering a broad range of commercial and consumer banking services. T Bank's principal banking markets include Dallas, Tarrant, Denton, Collin and Rockwall counties; however, T Bank also serves certain niche markets on a national scale, including providing loans and trust services to dentists and small business lending under its Small Business Administration lending program.
About T Acquisition
T Acquisition is a Texas based corporation that was formed by A. Haag Sherman, the Chief Executive Officer of Tectonic Holdings, LLC, and the partners of Cain Watters & Associates, L.L.C. for the purpose of acquiring T Bancshares. T Acquisition is an affiliate of Tectonic Holdings LLC, which is a holding company that owns and operates Tectonic Advisors, LLC, Sanders Morris Harris LLC and HWG Insurance Agency LLC and offers its clients through these subsidiaries: investment advisory services, family office services, brokerage, insurance and private equity investments.
The information presented above may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the operations of the parties following the merger. Forward-looking statements can be identified by the use of the words "anticipate," "expect," "intend," "estimate," "target" and words of similar import. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of the management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Factors that may cause such a difference include, but are not limited to, the results of the final determination of election results. Forward-looking statements are made only as of the date of this announcement, and T Acquisition does not undertake any obligation to update any forward-looking statements contained in this announcement to reflect events or conditions after the date hereof.
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SOURCE T Acquisition, Inc.