Happy, Texas-based Happy State Bank will purchase and assume the operations of Mobeetie, Texas-based First State Bank of Mobeetie in a deal expected to close in the fourth quarter, Amarillo (Texas) Globe-News reported, citing a news release.

The terms of the transaction were not disclosed in the report.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southwest region between Aug. 5, 2018, and Aug. 5, 2019, averaged 178.99% of book and 183.20% of tangible book and had a median of 13.82x last-12-months earnings, on an aggregate basis.

Happy Bancshares will expand in Wheeler County, Texas, by two branches to be ranked first with a 44.44% share of approximately $252.21 million in total market deposits.

Happy State Bank, a unit of Happy Bancshares Inc., had total assets of about $3.51 billion as of June 30, according to S&P Global Market Intelligence data. First State Bank of Mobeetie had total assets of approximately $76.2 million as of the same date.

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