TYLER, Texas and LUFKIN, Texas – July 31, 2018. – Steele Holdings, Inc. (“SHI”), parent company of Arp, Texas-based wholly-owned subsidiary, American State Bank (“ASB”), announced that it has entered into definitive agreements to acquire 100% of the issued and outstanding shares of common stock of Joaquin Bankshares, Inc. (“JBI”), and, thereby, indirectly acquire its wholly-owned subsidiary, Joaquin, Texas-based Texas State Bank (“TSB”). Pending regulatory approval, the bank holding companies are expected to merge in late-2018, with SHI being the successor of the merger. In addition, pending applicable regulatory approval, it is expected that American State Bank and Texas State Bank will merge in early-2019, with American State Bank being the successor of the merger.
What does filing an application to merge mean? Filing an application to merge is the legal process in which SHI formally requests that regulators permit SHI to purchase JBI for the purpose of eventually merging the two subsidiary banks (American State Bank and Texas State Bank) into one single bank designed to better serve the needs of its customers and communities. An application to formally merge the two banks will be filed at a later date. As such, for the immediate future, our valued customers should not be impacted by any changes.
Please know that as valued customers, we are committed to making the eventual bank merger as seamless as possible. Be sure to check the mail and our website for further information regarding the merger.
Frequently Asked Questions:
- Why does SHI/American State Bank want to merge with JBI/Texas State Bank?
July 31, 2018
- American State Bank and Texas State Bank share the same core values, sense of culture, and philosophy related to community banking. This partnership will further strengthen the combined bank’s ability to meet the broadening needs of its customers through an expanded suite of products and services, coupled with the benefits of an expanded geographic footprint.
- As two institutions with similar vision and commitment to the community, the combined bank will be better positioned to provide expanded products, services, and technology to our customers. The merger will result in:
- More banking locations and more convenience for our customers. The increased geographic footprint connects the current communities American State Bank and Texas State Bank serve.
- Combined resources will allow us to improve existing products and explore other products that will help meet the needs and demands of our customers.
- An evolving footprint in the state of Texas beyond the East Texas region.
- More opportunities for employee growth and career advancement.
- Improved technology, providing customers with better access, mobility and convenience.
- What changes can I expect to see right now? What changes can I expect to see over the coming months?
July 31, 2018
- American State Bank has filed an application for regulatory approval to merge with Texas State Bank. Until approval is granted and the banks merge, there will be no immediate change.
- There will be changes in the future, but most will not occur until the operational conversion in early 2019. You have our commitment that we will communicate information about any changes well in advance of their effective date. Your trusted bankers stand ready to answer any questions that you might have over the next several months.
- How will the merger affect me or my business in my everyday banking activities?
July 31, 2018
- The merger will have no immediate impact on the way you go about your banking activities. In the near-term, you will continue to transact business online and at your chosen branch just as you do today.
- In addition, Executive management at Texas State Bank will continue forward with American State Bank.
- In the coming months, all Texas State Bank customers will receive detailed communication relating to any changes you may experience. This communication will address any change that may impact your:
- Current accounts – including account numbers, checks, debit cards and account options.
- Online Banking, TSB Bill Pay, Popmoney and other online tools
- Safe Deposit Boxes and other bank services
- Who is American State Bank?
July 31, 2018
- Founded in 1911, American State Bank is a privately owned full-service community bank with a rich heritage of serving the financial needs of its consumer and commercial customers in the Greater East Texas region. Offering a large array of banking services, American State Bank is focused on meeting and exceeding the financial needs of its customers. With significant investment in technology, employees, and platform, American State Bank competes with much larger institutions while maintaining the personal customer service of a community bank. American State Bank has a total of six offices, all of which are located in Smith County, with one office in each of Arp, Chapel Hill, and Lindale, Texas and three offices in Tyler, Texas. For more information, visit www.asbtx.com. Member FDIC.