CONROE, Texas, Jan. 11, 2021 /PRNewswire/ -- Spirit of
Texas Bancshares, Inc. (NASDAQ: STXB) ("Spirit"), the holding
company for Spirit of Texas Bank (the "Bank"), today announced that
on January 8, 2021, the Bank
completed the previously announced sale of its Jacksboro, Texas branch location to First
State Bank ("FSB") of Graham,
Texas. Under the terms of the transaction, the Bank sold
loans of approximately $3.5 million, deposits of approximately
$5.7 million and the real
property on which the branch was located.
Dean Bass, Spirit's Chairman and
Chief Executive Officer, stated, "We are pleased to have partnered
with First State Bank, a bank that shares a similar mission to
Spirit – consistently focusing on the well-being of the community.
This common foundation and alignment of core values should make for
a seamless transition and benefit the Jacksboro community, clients and
employees."
About Spirit of Texas Bancshares, Inc.
Spirit, through its wholly-owned subsidiary, Spirit of Texas
Bank, provides a wide range of relationship-driven commercial
banking products and services tailored to meet the needs of
businesses, professionals and individuals. Spirit of Texas Bank has
38 locations in the Houston,
Dallas/Fort Worth, Bryan/College Station, Austin, San
Antonio, Corpus Christi and
Tyler metropolitan areas, along
with offices in North Central and
South Texas. Please visit www.sotb.com for more
information.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements anticipated in
such statements. Forward-looking statements speak only as of the
date they are made and, except as required by law, we do not assume
any duty to update forward-looking statements. Such forward-looking
statements include, but are not limited to, statements concerning
such things as our plans, objectives, strategies, expectations and
intentions and other statements that are not statements of
historical fact, and may be identified by words such as
"anticipates," "believes," "could," "estimates," "expects,"
"forecasts," "goal," "intends," "may," "might," "plan," "probable,"
"projects," "seeks," "should," "target," "view" or "would" or the
negative of these words and phrases or similar words or
phrases. Factors that could cause our actual results to differ
materially from those described in the forward-looking statements
include, among others: (i) changes in general business, industry or
economic conditions, or competition; (ii) the impact of the
COVID-19 pandemic on the Bank's business, including the impact of
actions taken by governmental and regulatory authorities in
response to such pandemic, such as the Coronavirus Aid, Relief, and
Economic Security Act and the programs established thereunder, and
the Bank's participation in such programs, (iii) changes in any
applicable law, rule, regulation, policy, guideline, or practice
governing or affecting bank holding companies and their
subsidiaries or with respect to tax or accounting principles or
otherwise; (iv) adverse changes or conditions in capital and
financial markets; (v) changes in interest rates; (vi) the
possibility that any of the anticipated benefits of the
Jacksboro Branch Sale will not be
realized or will not be realized within the expected time period;
(vii) the risk that converting the operations of the Jacksboro Branch to First State Bank will be
materially delayed or will be more difficult than expected; (viii)
the inability to realize expected cost savings or achieve other
anticipated benefits in connection with business combinations and
other acquisitions; (ix) changes in the quality or composition of
our loan and investment portfolios; (x) adequacy of loan loss
reserves; (xi) loss of certain key officers; (xii) continued
relationships with major customers; (xiii) deposit attrition; (xiv)
rapidly changing technology; (xv) unanticipated regulatory or
judicial proceedings and liabilities and other costs; (xvi) changes
in the cost of funds, demand for loan products, or demand for
financial services; (xvii) other economic, competitive,
governmental, or technological factors affecting our operations,
markets, products, services, and prices; and (xviii) our success at
managing the foregoing items. For a discussion of additional
factors that could cause our actual results to differ materially
from those described in the forward-looking statements, please see
the risk factors discussed in our most recent Annual Report on
Form 10-K and other reports that are filed with the
Securities and Exchange Commission. All forward-looking statements
are qualified in their entirety by this cautionary statement.
Contacts:
|
Dennard Lascar
Investor Relations
|
|
Ken Dennard / Natalie
Hairston
|
|
(713)
529-6600
|
|
STXB@dennardlascar.com
|
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SOURCE Spirit of Texas Bancshares, Inc.