A Harker Heights bank branch will be getting a new name next year, following this week’s announcement that it will be acquired a Henderson-based banking group.
Union State Bank, a 90-year-old Florence-based financial institution, with a branch in Harker Heights, will be acquired by Citizens National Bank, a news released announced Monday.
In addition to the branch at 335 E. Farm-to-Market 2410 in Harker Heights, Union State Bank has branches in Killeen, Florence, Georgetown, Liberty Hill, Round Rock and Temple, offering a full range of banking services, the release stated.
The acquisition agreement between Union State and Henderson Citizens Bancshares — Henderson-based Citizens National’s holding company — will create a 36-branch combined entity totaling $2.3 billion in assets, the release said.
Union State has eight branches with $470 million in assets as of June 30.
“This is a great fit for us,” said Coleen Beck, president and CEO of Union State, whose family has majority owned the bank since 1972. “The combined strengths of the banks will benefit our customers, employees and communities.”
Union State Bank was chartered in 1928 and founded in 1930 in Florence, according to the release.
“We are proud to be partnering with USB and its seasoned team,” said Brad Tidwell, president and chief executive of Citizens National. “It’s an exciting opportunity to serve the customers of Union State Bank and Citizens National Bank — offering each an expanded footprint and higher level of service.”
Citizens National Bank was established in 1930 and is a $1.8 billion community bank that serves East and Central Texas with its network of 28 branches.
The bank manages more than $450 million in assets, according to the release.
Subject to regulatory approval, the transaction is expected to close the first quarter of 2018.
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