Texas Heritage Bank and Liberty Capital Bank Set to Unite in a Strategic Merger, Strengthening a Decades-Long Partnership
Southwestern Bancorp, Inc (SBI), the holding company for Texas Heritage Bank, today announced its plans to merge with Liberty Capital Bancshares, Inc. (LCBI), the holding company for Dallas-based Liberty Capital Bank. The merger is based upon long standing respect and mentorship between Texas Heritage principals, Jack Griggs and Steve Mack, and the Co-Founder of Liberty Capital, Holt Lunsford.
Texas Heritage Bank, with $225 million in assets, has locations in San Antonio, Boerne, and Cross Plains, Texas (approximately 45 miles southeast of Abilene) with 40 employees. The bank’s origination dates to 1931 with the Citizens State Bank. Today, the bank is led by Jack Griggs, Senior Chairman, and Steve Mack, Chairman and CEO. Other senior leaders of the bank include Robert Valdez, CFO, David Estes, Bank Office President – Cross Plains, Jennifer Smith, Senior Operations Officer and Matt Newman, Chief Lending Officer. After the merger, Steve Mack will join the Liberty Capital board, and Jack Griggs will continue his mentorship of Holt Lunsford and the board of Liberty Capital.
Founded in Addison in 2008, Liberty Capital Bank serves privately held businesses, real estate investors, and owners and families of these businesses. With $415 million in assets and 32 employees, the bank’s leadership team includes Alan Morris as CEO, Ryan Friend as President, and co-founder Holt Lunsford serves as Chairman of the board.
Liberty Capital and Texas Heritage Banks’ holding companies have common shareholders who have agreed to merge. After closing, which is subject to shareholder and regulatory approval, the banks will continue business as usual in their respective markets. Liberty Capital and Texas Heritage believe in community banking, and relationships are the key to their success.
Therefore, all current leadership will remain in place at all bank locations, and customers should not feel any effect from the merger.
“Jack (Griggs) and I wanted to find a way to extend the bank's life and legacy for years to come,” said Steve Mack, Texas Heritage Bank Chairman and CEO. “Liberty Capital Bank is the perfect partner to accomplish our ongoing goals of a growing banking enterprise and will bring additional capital to help our growth in Boerne and San Antonio.”
“I have always looked up to and respected both Jack and Steve, and they have mentored me through the years,” said Holt Lunsford, Co-Founder and Chairman of the Board of Liberty Capital Bank. “Joining forces with Texas Heritage is a natural progression of two entities coming together who share common goals, culture and stakeholders. We’re better together.”
Both banks plan to hire and grow their teams to support planned growth in their respective markets.
“We trust Liberty Capital and its leadership fully, and know they will take care of our bank,” said Jack Griggs, Senior Chairman of Texas Heritage Bank. “We look forward to continued growth in all the markets we serve.”
“As longtime peers and colleagues, we now have the opportunity to team up and grow Liberty Capital and Texas Heritage banks together,” said Alan Morris, Liberty Capital CEO. “In addition to the catalyst for organic growth this merger provides, we believe this experience provides an added benefit in attracting other community banks with the same desire to extend their life and legacy."
Daniel T. Bass with Performance Trust Capital Partners, LLC served as financial advisor and Robert N. Flowers with Bradley Arant Boult Cummings, LLP served as legal advisor to Liberty Capital Bancshares, Inc. Bruce Toppin with Holland & Knight, LLP served as legal adviser to Southwestern Bancorp, Inc.
Now with a larger position in the Texas market, Liberty Capital Bank and Texas Heritage Bank currently have over $640 million in combined assets, positioning them for further growth, larger loan capacity, and an impressive competitive advantage.
Consummation of the transaction, which is expected to occur in the fourth quarter of 2024, is subject to receipt of regulatory approval and applicable shareholder approvals of SBI and LCBI.
About Texas Heritage Bank
Texas Heritage Bank was first organized in 1931 as Citizens State Bank. Driven by growth in the Southern Hill Country area, Texas Heritage has three locations in Cross Plains, San Antonio and Boerne, Texas. A relationship-oriented, community bank, Texas Heritage has been under the leadership of its two primary principals, Jack Griggs, Senior Chairman, and Steve Mack, CEO and Chairman, since 1994. To learn more, visit their LinkedIn page and their website: Texas Heritage Bank.
About Liberty Capital
Founded in 2008, Liberty Capital Bank is a privately held bank launched by Holt Lunsford and Ben Cunningham. Liberty Capital serves privately held businesses, real estate investors, and owners and families of these businesses. As a community bank, service is at the heart of its success, and Liberty Capital is committed to putting clients first by providing exceptional experiences while building lasting relationships. Please visit Liberty Capital Bank’s LinkedIn page or website to learn more.
1400