© 2015 The Texas Lawbook.
By Natalie Posgate
(Aug. 17) – Two firms with Texas offices were involved in Sugar Land-based First Community Bank and Dripping Springs-based Pioneer Bank’s Friday agreement to merge and create a combined company worth $1.1 billion.
Austin law firm Fenimore, Kay, Harrison & Ford represented Pioneer, which reported $409 million in total assets as of June 30. The Central Texas bank turned to partner Lowell Harrison to lead the deal and associate Brent Standefer, Jr. to assist.
First Community turned to Denver-based lawyers from Bieging, Shapiro & Barber – which also has a Dallas office – to handle its end of the deal. Lead partner Christian Otteson, who is licensed in Texas and Colorado, said he thinks this merger would demonstrate itself as “an attractive option for a number of banks in Texas looking to get operating leverage.”
First Community reported $622 million in assets as of June 30. When the merger completes during its expected late 2015 or early 2016 closing date, the combined entity will have 22 branches across Texas.
Currently, Pioneer is a Texas state savings bank with branches in Dripping Springs, Austin, Kerrville, San Marcos and La Grange. First Community is a national bank with 17 branches in Sugar Land, Houston, Dallas, San Antonio, Waco, Crockett, Trinity, Hico and Meridian.
The combined bank will operate under the Pioneer Bank brand and maintain headquarters in Central Texas.
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