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HOUSTON-Allied Houston Bank and Trustmark Corp. of Jackson, MS have signed a definitive agreement for five metro-area branches in a bid for the seller to reorganize into a mortgage banking operation. The buyer, putting up a $10-million deposit premium, gains entry to the market.

George R. Farish, chairman of Allied Houston Bank, tells GlobeSt.com that Trustmark will take over four leases and an office building. The primary value of the transaction lies in the branches’ combined $198 million in deposits and $178 million in loans, he says. Allied Houston Bank, which started in 1985 as Houston Savings Association, will keep its name and offices at 4550 Post Oak Place in the Galleria.

Farish says the leases range from 2,000 sf to 4,000 sf, all long term with renewal options. The leased sites are 1010 Nasa Rd. 1 in Clear Lake; 3715 FM 1960 in northwest Houston; 2606 Edloe St. in the River Oaks area; and 5799 San Felipe in the Tanglewood neighborhood. The lone owned property is a 5,000-sf building at 840 13th St. in Hempstead, 53 miles northwest of downtown Houston. The Waller County Appraisal District assesses the value of the property at $246,220. The Allied Houston Bank occupies 50% of the building and the balance is leased to Stewart Title.

“The customers of these branches and the demographics of this market represent an outstanding opportunity for Trustmark,” Richard G. Hickson, chairman and CEO of Trustmark, says in a press release. “We look forward to growing our franchise in this most desirable market.

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