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Rio Financial Services, Inc., and Lone Star Capital Bank have jointly announced the signing of an agreement providing for the merger of Lone Star with Rio Bank. Under the deal, Lone Star will become a part of Rio Bank.
“We are excited to be expanding our footprint in the San Antonio and Texas Hill Country,” said Ford Sasser, Rio’s Chief Executive Officer. “Lone Star has offices in San Antonio, Blanco, Johnson City, Dripping Springs and Marble Falls. These are markets we have not been servicing in the past and we look forward to becoming a part of these communities.”
Following the close of the transaction, the combined market presence is expected to total approximately $780 million in loans, approximately $1.2 billion in deposits, and approximately $1.4 billion in total assets. There will be twenty two fullservice branches from Brownsville in the lower Rio Grande Valley to Marble Falls in the Texas Hill Country.
“Our customers and employees will like the idea of merging with another locally owned community bank,” said Danny Buck, Lonestar’s President and CEO. “Rio shares the same values and culture as Lone Star.”
The boards of directors of Rio Bank and Lone Star have unanimously approved the transaction. The transaction is subject to customary closing conditions, including receipt of regulatory approval. Shareholders of Lone Star have already approved the merger.
