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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2023 ALM Global, LLC. All Rights Reserved.