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Posts published in September 2008

Crosby Bank sold to out of town interests

CROSBY — J. Pat Parsons, Chairman and CEO of CommunityBank of Texas and Mark Mulloy, CEO and Vice Chairman of Crosby State Bank, announced today that CBFH, Inc. of Beaumont, the holding company for CommunityBank of Texas, has signed a definitive agreement to acquire and merge with Crosby Bancshares of Crosby, Texas, pending shareholder and regulatory approvals.

Crosby Bancshares is the holding company and 100% owner of Crosby State Bank, a state chartered, independent community bank headquartered in Crosby, Texas with assets in excess of $354 million. The bank has been in business since 1913, employs 102 people and currently has eight branches that include two in Crosby, two in Baytown and single branches in Northshore, Humble and the Sheldon and Memorial areas of Houston.

According to Parsons, once the merger is approved, plans call for the current management team of Crosby State Bank to remain actively engaged in leading the charge for the Harris County branches. He added that Mark Mulloy will be appointed to the CommunityBank of Texas Board of Directors.

“This merger is a natural fit with our vision of bringing responsive, local banking to businesses and individuals in the communities where they live,” stated Parsons. “CommunityBank of Texas and Crosby State Bank share many of the same core business values and commitment to highly personalized service, but now customers will have access to a greater depth of resources for personal and commercial banking. We look forward to working with Mark and the management team of Crosby State Bank. Their local knowledge of these markets and solid relationships with the customers who live there will ensure a seamless transition.”

Parsons has guided the course of CommunityBank of Texas since the bank officially opened August 1, 2007, after acquiring County Bank and its seven branches in Newton and Orange Counties. Since then the bank has experienced remarkable growth and significantly expanded its branch network to include 14 branches throughout Southeast Texas.

Additional locations are currently under construction in Beaumont, including the bank’s headquarters on Delaware at Dowlen Road and a new branch on Phelan Boulevard. Another new branch was opened earlier this month in Lumberton and regulatory approval was recently received for a new location in Woodville.

CommunityBank of Texas is the only locally owned, independent bank serving the entire Southeast Texas region. The bank currently has assets approaching $640 million, employs 154 and operates 14 branches throughout the region. CommunityBank of Texas provides a broad line of consumer and commercial banking products and services that emphasize local decision making.