|
Signature Bank purchased by Happy Bancshares
In a joint statement, Happy Bancshares, Inc., Canyon, Texas, President and CEO, J. Pat Hickman and Signature Bancshares, Inc., President and CEO, Hugh H. Scheurer, announced that on September 12, 2011, they signed a definitive agreement wherein Happy Bancshares, Inc. has agreed to acquire Signature Bancshares, Inc. Signature Bancshares, Inc. owns Signature Bank, which originally opened for business in Coolidge, Texas in 1904 and moved to Dallas, Texas in 1996. The bank's one office is located at 6757 Arapaho Road.
The location in North Dallas will continue to operate under a separate state charter owned by Happy Bancshares, Inc. Happy Bancshares, Inc. also owns Happy State Bank & Trust Company with 28 offices in 19 communities in the Texas Panhandle. This transaction is expected to close in the fourth quarter, following bank regulatory approval.
Signature Bank will operate as an independent bank with local leadership and its own board of directors. It has approximately $106 million in deposits, $56 million in loans and total assets in excess of $116 million.
"This is new territory for Happy Bancshares, Inc. This is our company's first venture outside of the Texas Panhandle and we look forward to providing personalized and happy banking service to the good citizens of Dallas. And there could be no better partner to start this venture with than Hugh Scheurer. Hugh will continue with the bank in the capacity as Vice Chairman. With 45 years of banking experience in Dallas, he knows the market, and his leadership will be invaluable to our success," stated J. Pat Hickman. "Hugh and his team are committed to providing outstanding customer service and meeting the financial needs of their customers. We look forward to this new partnership," he added.
"My team is excited and pleased to be associated with Happy State Bank. We have looked for the right banking partner for several years. I got to know Pat through the Independent Bankers Association of Texas and have watched him take a small bank to a dominant force in the Panhandle of Texas. Pat and I share the same passion for our customers and employees and believe that banking is about building relationships. This partnership will provide opportunities for our employees, a much broader range of products and services for our customers, and provide more capital to increase our lending limits," explained Hugh H. Scheurer.
Happy State Bank was chartered in 1908 in Happy, Texas. In 1990, the then $10 million bank headquartered in Happy, Texas was acquired by a group of Panhandle area investors and is now the second largest bank in the Amarillo region with $1.6 billion in assets.
Happy State Bank and Signature Bank entered into a definitive agreement whereas Happy State Bank has agreed to purchase the Signature Bank. Happy State Bank, headquartered out of Amarillo, Texas, was chartered in 1908 in Happy, Texas. In 1990, the then $10 million bank was acquired by a group of Panhandle area investors and is now the second largest bank in the Amarillo region with $1.6 billion in assets. Happy State Bank has 28 locations in 19 communities in the Panhandle of Texas.
Will the name of the bank change?
The name may change or it may remain Signature. We are still reviewing this. However, the bank will continue to operate independently and will maintain its own board of directors with local leadership. Hugh Scheurer and his team, the people you have come to know and trust, will continue to help you with your banking needs.
When will the transaction be finalized?
The purchase is anticipated for the 4th quarter of 2011 pending regulatory approval.
Will the account numbers change?
All account numbers will remain the same.
Can I continue to use my Signature Bank checks?
Absolutely. You can use your entire existing supply.
How will the direct deposit (ACH credits) and automatic drafts (ACH debits) be handled?
These transactions will not be affected in any way since the bank's routing number and your account number will not change.
Will existing debit cards work?
Yes and you now have a whole network of MoneyPass ATMs to use free of charge. Go to www.moneypass.com and find out the locations closest to you.
What interest will be paid on the interest-bearing accounts?
Interest rates and annual percentage yields will remain the same at this time. However, rates are subject to change at any time.
What about certificates of deposits?
The maturity date and interest rates will not change on the certificates of deposits. When the certificate of deposit renews, new terms and conditions may apply.
How will the Internet Banking be handled?
There will be some upgrades to the Internet Banking system that we think you will like. These changes have been planned for some time and are unrelated to this new agreement with Happy State Bank. Those changes will occur in late October and we will give you more information on the changes at a later date.
For more info, contact:
Hugh Scheurer, President and CEO – Signature Bank
hhscheurer@signaturebankdallas.com
J. Pat Hickman, Chairman & CEO – Happy State Bank
jph@happybank.com
Cari Roach, Marketing Director – Happy State Bank
croach@happybank.com
(806) 372-2265
www.happybank.com
|
