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COPYRIGHT 2005 The Dallas Morning News
Byline: Ieva M. Augstums
Aug. 28--On its Web site, First National Bank of Sachse touts itself as a "locally owned independent community bank."
Not for much longer. With $73.5 million in assets, the 21-year-old bank agreed last week to be acquired by St. Louis-based First Banks Inc. for $20.8 million in cash.
"Basically, our board's philosophy has always been we are not for sale," said Donald Flatt, First National Bank's president and chief executive. "But not only are they offering us a very attractive price for our shareholders, our customers will continue to be served by the same employees and officers that have built this bank."
Many of the mergers coming fast and furious in the Texas banking market involve established chains, such as last month's $1.7 billion deal that will make the 80-branch Houston-based Amegy Bank part of Utah-based Zions Bancorporation.
But large, out-of-state chains are also making irresistible offers for small, independent banks. The smaller bank's customers then become subject to rules and policies that may be more bureaucratic and restrictive.
And banks don't have to be around as long as Sachse's First National to be attractive.
In the last 10 years, 82 banks have been launched in Texas, most of them promoting their small size...
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