First Guaranty Bancshare to acquire Texan community bank Lone Star Bank

First Guaranty Bancshare has agreed to acquire Lone Star Bank, a community bank in South Texas, in an all-stock transaction that values the latter at $23.67 per share.

Lone Star Bank has four branches, which are expected to increase First Guaranty Bancshare‘s footprint and opportunities for growth in Texas.

First Guaranty Bancshare is a Louisiana-based bank holding company, which owns the First Guaranty Bank.

Following the closing of the deal, the enlarged First Guaranty Bancshare will have nearly $3.2 billion in total assets, $2.8 billion in total deposits, and $2.5 billion in total loans.

Alton J. Lewis — First Guaranty Bancshare Vice-Chairman, President, and CEO said: “We are excited to welcome Lone Star Bank customers and staff into our corporate family. First Guaranty Bank’s philosophy and goal is to have a strong presence in the communities we serve and to be a strong contributor to the communities.

“We look forward to spreading this philosophy in the Houston market.”