MCALLEN – Border Capital Group, Inc. shareholders voted on Thursday, October 10, to approve Border Capital Bank merger with Texas Regional Bank. The merger date is set for Friday, November 15. On that Friday evening, Border Capital Bank will become Texas Regional Bank.
“Since the announcement on June 5, of the merger of Border Capital Bank with Texas Regional Bank, teams from both banks have diligently planned and worked towards the anticipated closing and conversion date of November 15, 2013,” said Michael Scaief, Chairman of Texas Regional Bank. Texas Regional Bank has received all of the regulatory approvals with the only remaining action to complete the transaction being the vote by Border Capital Group, Inc. shareholders. “This vote opens a new chapter for local banking in the Rio Grande Valley,” said Mark Richards, Chairman of Border Capital Bank.
Texas Regional Bank will provide new banking products and offer new features to their current products. Some of the new features include an improved online banking interface and mobile app. Texas Regional Bank will immediately introduce TRB PopMoney, a person-to-person service that allows customers to transfer money easily and safely via their mobile device.
When combined, the organization will consist of assets nearing $400 million and loans of approximately $215 million. Texas Regional Bank will have 8 banking centers, 135 bank employees including 12 Trust Department employees. “We are excited to complete this merger and move forward as one bank that is focused on relationship banking,” said Paul Moxley, CEO of Texas Regional Bank.
Texas Regional Bank began operations in May of 2010 with the acquisition of Falfurrias State Bank— which had one banking center and $18 million in assets. Today, Texas Regional Bank has locations in Brownsville, Harlingen, McAllen and Falfurrias with assets in excess of $215 million. Border Capital Bank began operations in McAllen in 1984 and has since expanded through Trust services with four locations in McAllen and Edinburg. Today, Border Capital Bank has in excess of $168 million in assets.
To learn more about Texas Regional Bank, visit us online at texasregionalbank.com.