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Oakwood Bancshares to buy Texas-based Oakwood State Bank

Texas-based Oakwood Bancshares Inc. is seeking to Oakwood, Texas-basedOakwood State Bank ($6.4million as of March 31), S&P Global Market Intelligence has learned.

The deal, signed March 14, is expected to close Sept. 30. Theterms were not disclosed.

Oakwood Bancshares was organized for the purpose of becominga bank holding company. It was founded by BartBearden, according to his LinkedIn profile.

SNL Financial valuations for bank and thrift targets in the Southwestregion between March 14, 2015, and March 14, 2016, averaged 153.39% of book, 161.98%of tangible book and had a median of 24.51x last-12-months earnings, on an aggregatebasis.     

Oakwood State Bank operates one branch in Leon County, Texas,ranked seventh with a 0.87% share of about $583.6 million in total market deposits,according to SNL records.

Michael Keeley and Alexander Clark of Norton Rose Fulbright areadvising Oakwood Bancshares in the pending transaction.

Separately, Jorge Mario Rangel de Alba Brunel's bid to acquirea majority stake in OakwoodState Bank, announced in September 2013, has been terminated, S&P Global MarketIntelligence has learned.

According to a Sept. 16, 2014, report by The Buffalo Express, Dorothy Cadenhead tried to sell the bankbut changed her mind and decided to grow it instead.

S&P Global Market Intelligence was unable to get a statementon the deals from Oakwood State Bank.

Click on the map belowto access a larger version as a PDF. To use SNL's branch analytics tools to comparemarket overlap, click here.To use SNL Maps to create custom maps, click here.

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