Texas-based AIM Bancshares Inc., the parent of AimBank, agreed to acquire Platinum Bancshares of Texas Inc. and its subsidiary Platinum Bank.
The financial terms of the deal were not disclosed in the press release, but Platinum Bank board member Mickey Travis said in the statement that "structuring the transaction as primarily a stock transaction will enable former Platinum Bank shareholders to enjoy ownership in a much larger ... institution."
SNL valuations for bank and thrift targets in the Southwest region between Dec. 19, 2016, and Dec. 19, 2017, averaged 167.13% of book, 177.60% of tangible book and had a median of 18.71x last-12-months earnings, on an aggregate basis.
The transaction is subject to shareholder and regulatory approvals.
According to the release, AimBank has total assets of more than $1.1 billion, while Platinum Bank has about $219.3 million in total assets. Following deal completion, AimBank is expected to have more than $1.3 billion in total assets, $950 million in total loans and $1.1 billion in total deposits.
In Texas, AIM Bancshares will expand in Lubbock County by one branch to be ranked No. 11 with a 2.79% share of approximately $8.14 billion in total market deposits. It will also expand in Ector County by one branch to be ranked No. 11 with a 3.73% share of approximately $2.82 billion in total market deposits and in Hockley County by one branch to be ranked first with a 42.28% share of approximately $532.1 million in total market deposits.
Hovde Group LLC, led by Clark Locke and Joe Morton, was AIM Bancshares' financial adviser. Commerce Street Capital LLC served as financial adviser and rendered a fairness opinion to Platinum Bank.