FDIC to Help Pay for Bank Merger
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DALLAS — Federal insurers Wednesday gave preliminary approval to a merger of two giant Texas bank holding companies, promising $475 million worth of assistance in the deal.
The Federal Deposit Insurance Corp. said it will help two Minnesota companies invest in the merger and recapitalization of Ft. Worth-based Texas American Bancshares Inc. and San Antonio-based National Bancshares Corp.
Stanley J. Poling, director of the FDIC’s Dallas office, said existing shareholders in the two Texas firms would initially own 5% of the equity interests of the new firm, which has not yet been named.
The two Minneapolis-based companies, MEI Diversified Inc. and Bank Shares Inc., led by Carl R. Pohlad, will invest $200 million in the merger.
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