April 2, 2023 at 7:30 AM CDT
Dallas, Texas, April 03, 2023 (GLOBE NEWSWIRE) — Within 61 days of filing the definitive agreement, Vista Bancshares, Inc. (“Vista”), the holding company for Vista Bank, received regulatory approval to acquire Charis Holdings, Inc. (“Charis”) and its subsidiary, Charis Bank. Today Vista Bank announced that it has officially closed that transaction.
Charis’ robust core deposit base, high-growth market locations, talented workforce, and community-leading investors expand Vista Bank’s footprint and lending ability while maintaining the Bank’s commitment to responsible growth and strategic M&A.
The transaction creates a combined community banking franchise with approximately $1.9 billion in assets, $1.6 billion in deposits, and $1.4 billion in gross loans. The combined companies will have 193 total employees and 16 Banking Center locations throughout Texas.
Already named one of North Texas’ top commercial lenders, scaling Vista empowers the Entrepreneurs’ Bank to serve even more small and middle-market companies statewide.
“The closing of this transaction brings together two top-tier North Texas-headquartered banks,” said John D. Steinmetz, Vista Bank Chief Executive Officer. “Both Banks have century-old legacies of navigating the Great Depression, two World Wars, the Great Recession, and the recent pandemic. I’m confident with our combined diverse asset portfolio, strategic investment strategy, and institutional knowledge, we are well-positioned for continued responsible, organic growth. That said, we remain open to additional M&A opportunities as our board and boards around the state seek to create value for their shareholders.”
The conversion of the Charis Family of Banks’ systems and accounts is scheduled for later this year. Charis’ clients will now have access to all 16 Vista Bank Banking Center locations throughout Texas, and Vista Bank will update all Charis clients with information regarding the conversion of their accounts in the coming months.