Steele Holdings completes acquisition of Joaquin Bankshares

Steele Holdings completes acquisition of Joaquin Bankshares

EAST TEXAS (KLTV) - From the American State Bank:

Steele Holdings, Inc. (“SHI”), parent company of Arp, Texas-based wholly-owned subsidiary, American State Bank (“ASB”), announced that it has completed the acquisition of 100% of the issued and outstanding shares of common stock of Joaquin Bankshares, Inc. (“JBI”), and, thereby, indirectly acquired its wholly-owned subsidiary, Joaquin, Texas-based Texas State Bank (“TSB”). Pending regulatory approval, it is expected that Texas State Bank will merge into American State Bank in the first quarter of 2019.

Upon the anticipated merger of the two banks, American State Bank will have thirteen offices across Texas, and approximately $414.5MM in total assets.

Copyright 2018 KLTV. All rights reserved.