Texas Community Bancshares, Inc. (TCBS) announced it has entered into a definitive agreement to acquire The Banc of San Jacinto County Bancshares, Inc. (SJCB) in an all-cash transaction. Under the terms of the agreement, SJCB will merge with and into TCBS, with TCBS as the surviving entity.
Key Details
- Transaction Value: TCBS will pay an aggregate cash consideration of $9,500,000 to SJCB shareholders.
- Agreement Date: The merger agreement was signed on October 29, 2026.
- Structure: Immediately following the holding company merger, SJCB's subsidiary, The Bank of San Jacinto County, will merge with and into TCBS's subsidiary, Broadstreet Bank, SSB.
- Funding: The acquisition will be funded with cash on hand and is not subject to a financing contingency.
- Termination Fee: SJCB is required to pay TCBS a termination fee of $550,000 if the agreement is terminated under certain conditions. The deal is subject to SJCB shareholder approval and regulatory approvals.