parent company of Rio Bank, headquartered in McAllen, Texas.
Texas Border Business
Rio Grande Valley of Texas – On August 31, 2018, Rio Financial Services, Inc., the parent company of Rio Bank, headquartered in McAllen, Texas, announced that it has completed its acquisition of privately held Elsa State Bank & Trust Company headquartered in Elsa, Texas, which has been in business for over 70 years.
The acquisition was an all-cash transaction and takes the size of Rio Bank to over half a billion dollars in total assets.
With the closing of this transaction, Dr. Cayetano Barrera will remain as the Chairman of the Board of Rio Bank, and Ford Sasser will remain the President and CEO.
Rio Bank will soon be offering extended hours and enhanced products to the Elsa State Bank customers. Rio Bank’s customers will also enjoy new services that have traditionally been offered by Elsa State Bank.
Ford Sasser, President and Chief Executive Officer of Rio Bank said, “We now have offices from Roma in Starr County to Brownsville in Cameron County bringing the total number of offices to 14 in the Rio Grande Valley.”
Brian Humphreys, Executive Vice President and Chief Lending Officer believes “The successful completion of this acquisition is a significant step forward as we seek to expand our commercial, agricultural, and consumer lending efforts in the Rio Grande Valley area.” Mr. Humphreys stated “With the closing of this transaction, the bank’s lending limits will increase significantly.”
SunTrust Robinson Humphrey acted as financial adviser to Rio Bank, and the law firm of Langley & Banack, Inc. acted as its legal adviser.
Rio Bank was founded in 1985 in McAllen by local investors and continues to be a locally owned and managed bank providing banking services to the Rio Grande Valley. Rio Bank provides various deposit accounts, lending services, a Trust Department, and will soon be offering significant upgrades to other products and services as part of a separate technology initiative. As a result of this acquisition, Rio Bank now employs close to 200 employees in the Rio Grande Valley.
