Texas City-based Texas Independent Bancshares, the parent company of Texas First Bank, will scoop up Houston-based Preferred Bancshares Inc., the parent company of Preferred Bank.

The deal is expected to close in the second quarter of 2019, and financial terms were not disclosed. 

Texas First has about $1.1 billion in assets and 22 locations along the Gulf Coast, while Preferred Bank has about $282 million in assets and five locations in the Memorial area, Meyerland, Conroe, Spring and The Woodlands. Once the deal closes, the combined bank is projected to have about $1.4 billion in assets and 27 locations. 

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