Georgia Bank Antes Up $24M for Houston Institution

HOUSTON-The Atlanta-based Summit Bank Corp., parent of Summit National Bank, will pay $23.7 million for a local bank. The buyout of Concord Bank will close by March 31.

Concord, which caters to the local Asian population, provides a strong fit for Summit, according to Thomas Flournoy, executive vice president and CFO of Summit National Bank. As part of the acquisition, Concord will keep its name on its sole location at 6588 Corporate Dr. on the city’s west side, he tells GlobeSt.com, adding that the building totals 12,000 sf and sits on 2.25 acres. The deal includes 1.5 undeveloped acres along Bellaire Boulevard, but there are no immediate plans for that property, he says.

Flournoy couldn’t confirm overall expansion plans at this time. “We’re an internationally focused bank with a significant number of customers who are Asian, which is why Summit and Concord were able to reach this agreement,” Flournoy says.