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Southwest Bancorporation, Citizens Bankers Start 2001 on the Same Team

HOUSTON-Southwest Bancorporation and Citizens Bankers are starting this year by pooling their assets. But customers won't be able to share bank facilities until this year's second quarter.

By Jack Burney | Updated on January 02, 2001

HOUSTON-The main office building of Citizens Bankers Inc.at 1300 Rollingbrook Dr. in Baytown, owned by a partnership that includes the bank, will be part of the assets acquired in the a merger with Southwest Bancorporation of Texas Inc., according to Paul B. Murphy Jr., CEO and president of Southwest.

The merger had been completed on 2000′s last business day. Southwest is issuing four million shares of common stock to Citizens shareholders. That adds up to 249,443 Southwest shares for every one share of Citizens.

Melding the two banks generates a financial institution with 32 branches, $3.8 billion in assets and a loan limit of up to $50 million. But customers of the two banks can’t use one another’s facilities. That will come in second quarter 2001 when the two systems will be merged into a single operation. “Completing the legal merger has been a major focus for us and for Citizens,” Murphy says.

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