The new entity will be called Vantage Bank Texas
Texas Border Business
SAN ANTONIO (July 11, 2018) – Officials with San Antonio-based Vantage Bank Texas and Inter National Bank of McAllen have filed applications with federal and state regulators to merge the two banks. Pending approval, the new bank will be called Vantage Bank Texas.
“This merger is the logical next step that creates substantial value for customers and employees of both Inter National Bank and Vantage Bank Texas,” said Jim Collins, trustee of the Collins Family Trusts, which owns both banks. “Our customers will continue to enjoy the benefits of local decision making, while gaining access to an expanded product set and the convenience of a larger branch network throughout South Texas.”
The Collins family has been committed to South Texas banking and serving the international community since 1985, when it was a founding investor of Inter National Bank. The family’s 2008 investment in Vantage Bank Texas solidified that commitment and extended it to the San Antonio market. The family sold Inter National Bank to Grupo Financiero Banorte of Mexico in 2006 but repurchased it in 2017, resulting in the bank’s return to a founding owner. Collins said after that acquisition he hoped to consolidate both banks at the appropriate time.
In April 2018, the Trusts —which had a controlling interest in Vantage — purchased the remaining minority shares of Vantage’s holding company, laying the groundwork for the filings with the Texas Department of Banking and the Federal Reserve.
“We are pleased at the prospect of blending the capabilities of Inter National Bank and Vantage Bank Texas,” Inter National Bank President and CEO Sam Munafo said. “Both organizations share the same approach to community banking characterized by an understanding of our customers’ businesses with a sharp focus on meeting their specific needs and preferences.”
The Vantage Bank Texas name more broadly defines the strategy to serve the communities, businesses and people of Texas, while better serving international clients through expanded products and markets. The merger will afford Vantage the opportunity to bring international products and services to clients outside its border communities.
“Our customers are hard-working people who deserve the very best banking experience available,” Vantage Bank Texas President and CEO Guy Bodine said. “Our goal is to meet that need with experienced and resourceful bankers who share the vision of building strong relationships.
Additionally, Inter National Bank has a long history of serving the international market and we are pleased to be able to share those international products and services with our Vantage Bank Texas customers.”
While the regulators review the applications, nothing will change at either bank. If the merger is approved, the combined bank will have $1.5 billion in net loans outstanding, $1.9 billion in total assets, $1.6 billion in deposits, and capital levels that will support future growth. There will be 24 full-service branches spread across the footprint. The banks will continue to operate under their current names until December 2018, when the name will change to Vantage Bank Texas, pending regulatory approvals.
Texas Border Business was told by high ranking officials, that the filing applications to merge means that Inter National Bank and Vantage Bank Texas are requesting that bank regulators, the Texas Department of Banking and the Federal Reserve, allow them to legally become one entity.
Why the merge? The two banks have common owners, the Collins Family Trusts, and it has long been their owners’ intention to merge the banks at the appropriate time. The Collins family has been committed to South Texas banking and serving the international community since 1985, when it was a founding investor of Inter National Bank. The family’s 2008 investment in Vantage Bank Texas solidified that commitment and extended it to the San Antonio market.
The merger will result in one bank that will provide expanded products and services to San Antonio, South and Central Texas as well as to El Paso and to their international clientele.
The merger should take place shortly after the parties obtain regulatory approval, which the banks hope will occur in the third quarter of 2018. The parties will officially complete the operational conversion during the latter part of the fourth quarter of 2018.
In addition they said, that until further notice, Inter National Bank and Vantage Bank Texas will operate as businesses that are independent of one another, even though they will legally become a single entity upon consummation of the merger.
In December 2018, an operational conversion is planned that will allow the banks to operate as a single, integrated business. Until then, customers will continue to transact business with their legacy bank.
Both Inter National Bank and Vantage Bank Texas will operate under their existing names until operational conversion in December 2018, pending regulatory approvals. At that time, the name of the combined organization will be Vantage Bank Texas.
The leadership of the combined organization will be comprised of members from the existing executive leadership teams of both banks. Specifics will be announced at a later date.
Bank official were pointed out that with their growth trajectory and a desire to provide customers with exemplary service, it is their intention to place as many of their current associates as possible in meaningful roles in the combined organization.
They also said that in terms of customer service, the merger will only enhance the community focus and customer commitment that both banks share today. Once the two banks unite, the exemplary service that customers have come to rely upon will only grow stronger.
The meaning of intent to merge, both Vantage Bank Texas and Inter National Bank are committed to continuing roles as actively engaged community partners and corporate citizens. As part of that commitment, their support of local nonprofits and civic organizations will continue. They emphasized that they will continue to make decisions locally and to exhibit a strong regional presence.
According to the release, their employees are focused on making communities better places to live. They will be volunteering at local schools, speaking at events, and serving at various leadership levels of local and state organizations.
More about the Merge:
- More banking locations and more convenience. The increased geographic footprint connects the communities Vantage Bank Texas serves with Inter National Bank’s existing footprint.
- A larger lending limit to better serve the needs of our business communities.
- An evolving footprint in the state of Texas beyond San Antonio and the Rio Grande Valley.
If the merger is approved, the combined bank will have approximately $1.5 billion in net loans outstanding, $1.9 billion in total assets, $1.6 billion in deposits, and capital levels that will support future growth. There will be 24 full-service branches spread across the footprint.