By: Ken Chase.
In a press release this week, CommunityBank of Texas, N.A. and Allegiance Bankannounced plans to rebrand their merged companies as Stellar Bank after the new company completes its system conversion later in 2022. The merger was first announced last fall, and will make Stellar the sixth largest Houston bank by deposit market share.
In selecting the name Stellar Bank, the two companies relied on a collaborative process that included input from researchers and branding experts. The press release confirmed that the new company’s logo and other branding elements will be unveiled at some point in the near future.
The merger brings together CBXT, Inc, the parent company of CommunityBank of Texas, and Allegiance Bancshares, Inc., which is the holding company for Allegiance Bank. CBXT, Inc. reports $4.45 billion in assets, and its 34 CommunityBank of Texas locations provide Houston and surrounding area businesses with a range of commercial banking solutions. Allegiance has $7.15 billion in assets and 27 Houston locations that also provide commercial banking services to area businesses.
CBXT, Inc. Chairman, CEO, and President Robert R. Franklin, Jr. is expected to serve as the merged company’s CEO. In a statement, he said,“When we heard the name Stellar, it fit. We are in a unique position to establish a financial institution with significant scale that operates with the culture of a community bank with local decision making led by banking professionals with deep expertise. We believe this combination will benefit local businesses throughout our region.”
The new Executive Chairman of Stellar Bancorp, current Allegiance CEO Steve Retzloff, noted that CBXT and Allegiance share similar cultures and visions that should enable Stellar to provide even better services to their Houston customers. According to Retzloff, the name Stellar “reflects our commitment to provide exceptional experiences for our customers, employees, communities and shareholders.”
The merger awaits final approval from both companies’ shareholders and the relevant regulators. In the meantime, the two banks will continue to provide services to their respective customers under their existing brand names.