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American National Bank of Texas (ANB), one of the oldest and largest independently owned banks in the state, and DNB Bancshares, today announced that they have signed a Definitive Agreement for ANB to acquire DNB Bancshares and its subsidiary, Dallas National Bank (DNB), a Dallas-based financial institution with more than $85 million in assets and one location in Dallas.
No terms were disclosed. The transaction, which is subject to regulatory approval, is expected to close by the end of the year. The Bank Advisory Group, L.L.C. acted as financial advisor to DNB.
“When considering the merger, we took into consideration many things, from the long-standing history and friendship between the Nashes and the Hulseys to the way ANB does business,” said Michaux Nash Jr., chairman of the board, chief executive officer and president of Dallas National Bank. “I am confident that the merger will benefit our customers, offering additional services and a larger loan limit while providing the same personal service from the same friendly staff. ANB has a similar corporate culture and banking philosophy, which is no surprise since our families have had ties from our earliest banking days in Kaufman County in the late 1800s.”
Nash and his daughter, Paige Nash, as well as other key management executives will continue to provide leadership in the Dallas County market. Nash will serve as executive marketing director for ANB’s Dallas County region and chairman of the Dallas Advisory Board. Paige Nash will stay on as senior vice president of Business Development. DNB is located at 2725 Turtle Creek Blvd. in Dallas.
“Dallas County is one of the fastest-growing metro areas in the country,” said Robert A. Hulsey, president and chief executive officer of ANB. “As a result of that growth, certain market dynamics have changed over the past few years. Many of the smaller, independent banks have been acquired by large, corporate banks, creating a niche in the urban banking arena for an established independent bank like ANB that combines the resources of a leading financial institution with the personal services inherent in a community bank. As one of the largest independent banks in Texas, ANB can provide the personalized service and relationship banking practices that continue to be valued by the community while expanding the range of products and services. Dallas National Bank has an outstanding reputation, a solid deposit base and a strong, committed leadership in place. I’ve known Michaux and Paige for many years and am very excited at the prospect of merging our two family businesses.”
Led by Lynn Prude, regional president for ANB, the Turtle Creek Blvd. location will provide a base for the bank’s Dallas County operations.
“DNB has a substantial, loyal customer base,” said Prude. “The uptown Dallas location is a prime location and provides ANB a strong, immediate presence in the center of Dallas County. It provides a solid foundation for building the ANB brand in this region. I am looking forward to working with Michaux and his staff. Under his leadership, DNB has established quality relationships with central area businesses and community leaders. Having someone of his caliber and experience will have a significant impact on our development of the Dallas market.”
ANB has plans to open a second Dallas location by the end of the first quarter in 2008. The bank also recently entered the Tarrant County market with the establishment of a banking center and trust division offices at 1200 Summit Avenue in Fort Worth and with the acquisition of Citizens National Bank due to close in October.
© Copyright 2005-2008 by Kaufman County Online
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| Last Updated: Aug 13th, 2008 - 22:48:38 |
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