East Texas Bank Merger Proceeding

TYLER – The proposed merger of American State Bank and Texas State Bank has been announced. Steele Holdings, Inc., parent company of Arp, Texas-based American State Bank, has announced the agreement acquire 100% of the issued and outstanding shares of common stock of Joaquin Bankshares, which owns Joaquin, Texas-based Texas State Bank. Pending regulatory approval and meeting certain other closing conditions, they expect the merger to be finalized later this year. They expect the banks to merge early next year with the combined entity having thirteen offices in nine cities and four counties across East Texas.