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Missouri-based Summit Bancshares to acquire Bank of Houston

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Missouri-based Summit Bancshares to acquire Bank of Houston

Chesterfield, Mo.-based Summit Bancshares Inc. seeks to acquire Bank of Houston.

Summit Bancshares filed an application with the Federal Reserve Bank of St. Louis to become a bank holding company by acquiring 100% of the bank's voting shares.

Terms of the in-state deal were not disclosed in the Federal Reserve release.

SNL valuations for bank and thrift targets in the Midwest region between Aug. 28, 2017, and Aug. 28, 2018, averaged 160.12% of book, 166.83% of tangible book and had a median of 20.42x last-12-months earnings, on an aggregate basis.

Bank of Houston operates one branch in Texas County, Mo., ranked fifth with a 10.25% share of approximately $324.23 million in total market deposits. The Ozark Bancshares Inc. subsidiary had approximately $36.1 million in assets as of June 30, according to S&P Global Market Intelligence data.

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