A definitive merger agreement between First Community Bank, National Association, and South Padre Bank, N.A. has been signed. South Padre Bank will merge with and into First Community Bank, and will become its eighth banking center.
Michael Scott, President and CEO of First Community Bank said, “With the addition of this new banking center, First Community Bank will provide unparalleled customer convenience in Cameron and Willacy Counties. This acquisition represents our ongoing commitment to become a major banking franchise in the Rio Grande Valley. The combined assets of the two organizations, once merged, will approach $300 million.”
John Reed, President and CEO of South Padre Bank will join First Community Bank’s senior management team, and the South Padre Bank employees will continue to provide the outstanding customer service that their customers have enjoyed for the past fifteen years.
When asked about the merger, John Reed commented, “This merger will give our customers access to a wider variety of commercial and consumer products and services as well as the convenience of more banking center locations throughout Cameron County. In addition, our customers will be able to take advantage of the Stripes ATM network and access funds free of charge throughout Texas and Oklahoma.”
The merger has been unanimously approved by the Boards of Directors of both banks and is expected to close late in the fourth quarter of 2013 upon receipt of regulatory approval. Leonard Simmons, Chairman of the Board of First Community Bank said, “South Padre Bank‘s philosophy is consistent and in keeping with our mission ‘to help our communities grow and succeed’. We look forward to building new relationships in the South Padre Island and Port Isabel communities.”
Current First Community Bank banking centers include locations in Raymondville, Harlingen, San Benito, Los Fresnos, Brownsville, and soon South Padre Island. In closing Michael Scott said, “We will continue to pursue growth and expansion opportunities, through both de novo branches and by acquisition. We will soon announce plans to expand banking services into Hidalgo County”.