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Carlile Bancshares, Inc. to Acquire Treaty Oak Bank

^{Published on 2010-09-29 11:55:16 - Market Wire}
 

AUSTIN, Texas--([ BUSINESS WIRE ])--Carlile Bancshares, Inc. (aCarlilea), Fort Worth, TX and Treaty Oak Bancorp, Inc. (Pink Sheets: TOAK) today announced the signing of a stock purchase agreement for Carlile to acquire 100% of the common stock of Treaty Oak Bank (aTreaty Oaka), a wholly-owned community bank subsidiary of Treaty Oak Bancorp, Inc. Treaty Oak provides banking services to individuals and businesses located primarily in Austin and Marble Falls, Texas. Currently, Treaty Oak has approximately $120 million in total assets and 4 locations.

"We are looking forward to working with the Board, management and staff of Treaty Oak and to continue their tradition of offering personal, financial and community service. Our plans are to continue growth through acquisitions in this area."

Carlile, formed in 2009, has raised investment capital of over $325 million. Carlile managementa™s previous banking history has been focused on community banks and will continue Treaty Oaka™s tradition of offering strong customer service and quality banking products. aOur banking history has been focused in community banks in other Texas communities much like those of Treaty Oak,a said Tom C. Nichols, Chairman and CEO of Carlile. aWe are looking forward to working with the Board, management and staff of Treaty Oak and to continue their tradition of offering personal, financial and community service. Our plans are to continue growth through acquisitions in this area.a

Jeff Nash, President of Treaty Oak, stated, aWe are very pleased to have this opportunity to join an organization with the strength and vision of Carlile. Tom Nichols and his team come from a community banking background that is consistent with what wea™ve developed at Treaty Oak. We look forward to the new opportunities this transaction will make possible.a

The transaction, which is subject to shareholder and regulatory approval, among other conditions, is expected to close in the first quarter of 2011. Upon closing of the transaction, Carlile will provide additional capital for Treaty Oak to comply with all regulatory requirements and to enable Treaty Oak to serve residents and businesses of Central Texas.