Charles McGuire, chairman of First Liberty National Bancshares, Inc., the holding company of First Liberty Bank, and Kelly Stretcher, president and CEO of First Liberty Bank, announced today that a definitive agreement has been executed wherein First Liberty National Bancshares, Inc., has agreed to acquire 100 percent of the issued and outstanding shares of common stock of both Pearland State Bank and First National Bank of Alvin, Texas, which are currently owned by Coastal Bancshares, Inc.
Mr. McGuire stated, “This acquisition is the continuation of our strategic objective to expand into the Houston market and offer our broad array of products and services to the Alvin and Pearland communities.”
With post-acquisition assets of approximately $850 million, First Liberty Bank will position itself for further growth, larger loan capacity, and continued commitment to the Houston-area communities it serves.
In an era where mega banks have dominated the banking environment, First Liberty Bank has continued to shine as a truly locally-owned community bank.
“Our top priority is our customers. We believe in the strength of community banking and investing in the people and communities we call home,” said Mr. Stretcher. “For the past several years, we have experienced growth and change by expanding to new markets, consistently investing in innovation and providing ongoing development of our people. Joining forces with First National Bank of Alvin and Pearland State Bank is a natural progression of our commitment to the communities we serve in southeast Texas.”
“As we contemplated an acquisition partner, First Liberty Bank best aligned with our shared commitment to community banking and customer service. They embrace the banking principles that our customers want and need, and will be a welcome addition to our area,” said Randall Ferguson, president and CEO of Coastal Bancshares.
Consummation of the transaction, which is expected to occur in the first quarter of 2025, is subject to receipt of regulatory approval and applicable shareholder approvals of both companies.
About First Liberty Bank
First Liberty Bank has been a part of Liberty and the surrounding communities since 1913. First Liberty’s mission statement of “providing superior sources of financial solutions” is the guidepost of its approach to community banking. In addition to its complete array of traditional banking products provided at locations in Liberty, Dayton, Hardin, Huffman, China, Mont Belvieu and Plum Grove, the bank also serves its market area with a loan production office in Livingston, an insurance agency, investment advisory services, a mortgage center, and a title company. Please visit First Liberty Bank’s website at http://www.flb.bank to learn more.
About First National Bank of Alvin and Pearland State Bank
Both founded in 1960, First National Bank of Alvin and Pearland State Bank are privately held banks with three locations serving the southeast Houston market.
Peter Weinstock with Hunton Andrews Kurth LLP served as legal advisor and Dan Jackson with Bank Advisory Group served as financial advisor to First Liberty National Bancshares, Inc. Jeremy Lemmon with Fenimore, Kay, Harrison served as legal advisor and Daniel Bass with Performance Trust Capital Partners served as financial advisor to Coastal Bancshares, Inc.