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Section A: General News


Nixon State Bank to be sold


Nixon State Bank to be sold


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April 16, 2014
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Heritage Bancorp Inc. of Pearland, Texas, the holding company to Heritage Bank, Pearland, has announced the signing of a definitive agreement to acquire Nixon State Bank of Nixon, which will be combined with Heritage Bank. The board of both banks unanimously approved the transaction, and the sale will be complete prior to the end of the second quarter of 2014, pending regulatory approval. The combined company will have more than $180 million in assets.

The Nixon State Bank branches will be transitioned to become Heritage Bank’s third and fourth branches.

Dennis Bonnen, CEO and chairman of the board for Heritage Bancorp, said, “... We are confident that the Heritage Bank philosophy of combining exceptional personal service with the convenience of state-of-the-art technology will be a recipe for success as we move forward together.”

Nixon State Bank is one of the oldest state-chartered banks in Texas, having been established to serve Nixon and the surrounding areas on Jan. 1, 1906. A second branch opened in La Vernia in 1995.

Heritage Bank is a locally owned, independent, community bank headquartered in Pearland, and established 29 years ago in Detroit, Texas.

Upon completion of the merger, Brad Akin, current president/CEO of Nixon State Bank, will become the market president for Heritage Bank/Nixon and Heritage Bank/La Vernia.

“We are very excited about our merger with Heritage Bank and think it will be a very positive move for both banks and our respective customers,” Akin said. “It was apparent early in our negotiations that each bank had strengths that would complement the other and that the combined organization could do great things in the communities we serve.”
 

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