Carlile Bancshares, Inc. to Acquire Northstar Financial Corporation and Its Subsidiary Northstar Bank of Texas
DENTON, Texas–(PRNewswire)–Northstar Financial Corporation (“Northstar”), headquartered in Denton, TX, and Carlile Bancshares, Inc., (“Carlile”), headquartered in Fort Worth, TX, have announced that they have entered into a definitive agreement in which Carlile will acquire Northstar and its subsidiary Northstar Bank of Texas (“Northstar Bank”). This acquisition will be the largest for Carlile, whose intentions are to establish Northstar Bank as the flagship bank, and continue to operate under the Northstar Bank name with its existing leadership team. Rob Gentry, Northstar Bank’s Chairman of the Board, will remain on the board and will join Carlile’s Board of Directors. Tony Clark will remain the bank’s President and Chief Executive Officer.
“We believe this transaction is in the best interest of our shareholders, employees, customers and the communities we serve,” said Rob Gentry, Northstar’s Chairman. “We both share the same vision for community banking built on the tradition of customer relationships, service quality and strong roots within the community.”
Carlile was established in 2009 by experienced community bankers Tom C. Nichols, Chairman and Chief Executive Officer and Don E. Cosby, President and Chief Operating Officer, with the purpose of investing in community banks positioned for growth. Carlile approached Northstar Bank in 2011 with a strong interest to structure a transaction that would enhance Northstar Bank’s ability for continued growth. The structure of this transaction maintains Northstar Banks leadership team and operational infrastructure.
Northstar Bank has 10 locations located throughout North Texas and is almost $1 billion in assets. Carlile has two bank subsidiaries, Treaty Oaks Bank with five locations in Austin and Marble Falls, TX and Bank of Broadmoor with four locations in Colorado Springs, CO; and combined assets of approximately $300 million.