Home Bancorp Inc., the holding company of Home Bank N.A, acquired Friendswood Capital Corp., the holding company of Texan Bank. The acquisition will result in an aggregate deal value of $66.5 million.
Upon closing, the joint company has assets totaling approximately $3.2 billion, in addition to $2.2 billion in loans and $2.7 billion in deposits. Shareholders of Friendswood Capital Corp. will receive $15.34 per share in cash, making the aggregate deal value $66.5 million.
Home Bank will transfer the branch and operating systems of the prior Texan Bank locations to Home Bank branches in June 2022. Home Bancorp projects the deal will be over 20 percent accretive to earnings per share once cost savings are fully realized and accretive to tangible book value per share within 3.5 years of closing.
Chairman, president, and chief executive officer of Home Bancorp John Bordelon said, “Since announcing our expansion into Texas in December 2021, we have worked diligently with Texan Bank’s employees to complete this acquisition.” He added, “We look forward to further developing the Houston region together and building strong relationships with businesses and consumers.”