Tyler, Texas-based Steele Holdings Inc. has closed its acquisition of 100% of the issued and outstanding common shares of Huntington, Texas-based Joaquin Bankshares Inc.

As a result of the deal completion, Steele has indirectly acquired Texas State Bank, a unit of Joaquin Bankshares. Texas State Bank is expected to merge into Steele's unit American State Bank in the first quarter of 2019.

American State Bank, upon the anticipated merger, will have 13 offices across Texas and about $414.5 million in total assets.