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Home Bancorp, Inc., the holding company of the 113-year-old Home Bank, N.A. (“Home Bank”), and Friendswood Capital Corporation (“Friendswood“), the holding company of Texan Bank, N.A. (“Texan Bank”), jointly announced today the signing of a definitive Agreement and Plan of Merger (“Merger Agreement”) under which Home Bancorp will acquire Friendswood in an all-cash transaction. Under the terms of the Merger Agreement, shareholders of Friendswood (other than holders of Dissenting Shares, as such term is defined in the Merger Agreement) will receive $15.34 per share in cash, or $66.6 million in the aggregate, upon consummation of the transaction. The Merger Agreement also provides that Texan Bank will be merged with and into Home Bank, with Home Bank as the survivor.
“This Merger provides Home Bancorp the opportunity to expand our geographic footprint into Texas,” said John W. Bordelon, Chairman, President and Chief Executive Officer of Home Bancorp. “Texan Bank and Home Bank share the same values of serving the community and providing excellent customer service to their clients. We look forward to further developing the Houston region together and building strong relationships with consumers and businesses.”
Friendswood operates five (5) branch locations in the Houston metropolitan area. As of September 30, 2021, Friendswood had assets of $445.3 million, $342.8 million in loans and $376.3 million in deposits. Based on September 30, 2021 historical data, the combined company will have assets of approximately $3.2 billion, $2.2 billion in loans and $2.7 billion in deposits.
“Our company has always focused on serving our customers and communities with a professional team of bankers,” said Kenny Koncaba, CEO of Friendswood. “Home Bank shares the same focus. With a broader range of products and services, we believe the combined companies will serve and achieve great success as one of the strongest community banks in the area.”
Mr. Koncaba and Ms. Koncaba will both remain active in the combined company serving customers as the Houston Market President and Houston Director of Business Development Officer role, respectively.
The Merger Agreement was unanimously approved by the boards of directors of both companies. The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including regulatory approvals and Friendswood shareholder approval.
Home Bancorp anticipates the transaction will be over 20% accretive to earnings per share once cost savings are fully realized and accretive to tangible book value per share within 3.5 years of closing. Following the Merger, Home Bank’s capital position is expected to remain strong with leverage and total risk-based capital ratios of approximately 8.5% and 13.1%, respectively. No additional capital will be needed by Home Bancorp to complete the transaction.
Raymond James & Associates, Inc. acted as financial advisor to Home Bancorp and Silver, Freedman, Taff & Tiernan LLP acted as its legal advisor in the transaction. Performance Trust Capital Partners, LLC, acted as financial advisor to Friendswood and Bracewell LLP acted as its legal advisor in the transaction.
An investor presentation with additional information regarding the Merger will be available in the Investor Relations section of Home Bancorp’s website at www.home24bank.com.
About Home Bancorp
Home Bancorp is a Louisiana corporation that became the holding company for Home Bank in October 2008 upon Home Bank’s mutual to stock conversion. Home Bank is a federally chartered, community-oriented bank which was originally organized in 1908 and is headquartered in Lafayette, Louisiana. Home Bank currently conducts business from 39 full-service banking locations in the Lafayette, Baton Rouge, New Orleans and Northshore (of Lake Pontchartrain) regions of South Louisiana and the Natchez and Vicksburg regions of Mississippi.
About Friendswood
Friendswood was organized as a bank holding company in March 2011 when it acquired all of the issued and outstanding shares of the Bank of Fort Bend, which had chartered in 2007 as a federal thrift. Thereafter, the bank changed to a national charter and was renamed as Texan Bank. Today, it is one of only nine remaining community banks with assets less than $1 billion in Houston.
