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Guaranty Bancshares closes Westbound Bank purchase

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Guaranty Bancshares closes Westbound Bank purchase

Mount Pleasant, Texas-based Guaranty Bancshares Inc. completed its acquisition of Katy, Texas-based Westbound Bank.

Effective June 1, Westbound Bank merged into Guaranty Bank & Trust NA.

Westbound Bank CEO Troy England was appointed Houston area chairman for Guaranty. England will lead Guaranty's expansion efforts in the Houston metropolitan statistical area.

As of March 31, Westbound Bank had approximately $229.7 million in assets, $163.8 million in loans, and $191.0 million in deposits. Following deal completion, Guaranty's total assets increased to more than $2.2 billion.

Sandler O'Neill & Partners LP served as financial adviser to Guaranty in the transaction, while Fenimore Kay Harrison & Ford LLP served as its legal counsel. Meanwhile, The Bank Advisory Group LLC served as financial adviser to Westbound Bank, and Hunton Andrews Kurth LLP was its bank's legal counsel.