Round Top State Bank Announces the Addition of Eagle Bank
Round Top State Bank of Round Top, Texas announced today the signing of a definitive agreement with Eagle Bank, a community bank based in Jarrell, Texas. The transaction will mark Round Top’s first acquisition. Eagle Bank provides community banking services to individuals and businesses in Williamson and Travis counties. On March 31, 2011, Eagle Bank had $22.4 million in assets and $ 20.6 million in deposits.
Round Top State Bank, whose parent company is Round Top State Bancshares, Inc., provides comprehensive banking services through four branches in the Texas counties of Fayette and Lee. On March 31, 2011, Round Top had total assets of $320.1 million and total deposits of $287.7 million.
With the acquisition, Round Top will become the largest financial institution in the city of Jarrell, based on June 30, 2010 FDIC deposit market share data. Under the terms of the deal, Eagle Bank shareholders will receive $2.0 million in cash and $1.5 million in other real estate and assets. The transaction is subject to conditions set forth in the definitive agreement, including shareholder and regulatory approval.
Ronny G. Sacks, Chairman, President and CEO of Round Top State Bank said the combination is an affirmation of Round Top’s commitment to community banking. “We are excited to enter the rapidly expanding Jarrell- Austin I-35 corridor.” Said Sacks. “This alliance allows Round Top to draw on its long history of customer oriented community banking in similar markets and better serve the banking needs of our growing communities.”
For more information, please contact Ronny G. Sacks at 979- 249-3151.