X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-A Houston buyer has closed the $16.3-million buyout of a Dallas bank from a Chicago owner.

The newly acquired Abrams Centre National Bank operates leased locations at 9330 LBJ Freeway and 119 West Ovilla Rd. in the Glenn Heights neighborhood. As announced in early February, Houston-based Prosperity Bancshares Inc. bought the two-location operation from MB Financial Inc., headquartered in Chicago.

MB Financial let go of the asset, bought in 1996, to “concentrate its resources on its core commercial and consumer banking operations located primarily in the Chicago metropolitan area,” according to a corporate press release. MB Financial Bank has 35 locations in Chicago and the surrounding area. It also is the parent holding company for Union Bank in Oklahoma.

Just last year, the buyer acquired the two-location Bank of the Southwest in Dallas-Fort Worth. Prosperity Bancshares is a $1.8-billion bank holding company with 42 Texas branches and a long-range plan for a statewide expansion. The Abrams acquisition brings in assets of $93 million, deposits of about $69 million, with more than $50 million in loans and total equity of nearly $14 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.