Resulting from its previously announced merger of equals CBTX, the parent company of CommunityBank of Texas, and Allegiance Bancshares, the holding company of Allegiance Bank, named the combined company Stellar Bancorp and the combined bank Stellar Bank. Upon completion of the merger, Stellar Bank is expected to have more than $11 billion in assets and have the sixth largest deposit market share in Houston.
“When we heard the name Stellar, it fit,” Robert R. Franklin Jr., Chairman, CEO and president of CBTX, said. “We are in a unique position to establish a financial institution with significant scale that operates with the culture of a community bank with local decision making led by banking professionals with deep expertise. We believe this combination will benefit local businesses throughout our region.”
“Our organizations complement each other and share a culture and strategic vision to lead the way to better banking for the communities we serve,” Steve Retzloff, CEO of Allegiance, said. “The name Stellar Bank reflects our commitment to provide exceptional experiences for our customers, employees, communities and shareholders.”
Once the merger is completed, Franklin Jr. will serve as CEO of Stellar Bancorp and Retzloff will serve as executive chairman.
The organizations expect to operate under the Stellar Bank name later in the year once system conversion has been completed, which will take place after the legal closing of the merger. Until then, customers will continue to be served under the Allegiance Bank and CommunityBank of Texas brands for the near future. The merger is expected to close during Q2/22, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company.
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