Comm. Bank shareholders approve acquisition
Shareholders of CBFH, the holding company for CommunityBank of Texas, approved the acquisition of Crosby Bancshares, holding company for Crosby State Bank. The transaction was officially closed Dec. 16.
According to J. Pat Parsons, chairman and CEO of CommunityBank of Texas, the current management team of Crosby State Bank will remain the same.
“Crosby State Bank management has done an excellent job serving their customers,” stated Parsons. “We look forward to working with Mark Mulloy and Brent Hughes and using their local market expertise to better provide expanded banking services and resources to the communities we serve,” state Parsons.
Mulloy and Hughes serve as Crosby State Bank CEO/Vice Chairman and President, respectively.
“We expect the transition to be completely seamless,” continued Parsons. “Customers will notice no difference in the name of their bank, the way the phones are answered or the bank personnel who serve them. All account numbers will remain the same and customers may continue using their checks and debit cards as they always have.”
With the completion of the merger, assets for Community Bank of Texas now exceed $1.1 billion. The independently owned bank first opened in August, 2007, with assets of $183 million and seven branches. With the addition of Crosby State Bank’s eight branches, CommunityBank of Texas now has 25 banking centers throughout Southeast Texas and the Crosby area.