On May 17, CBTX Inc., the parent company of Houston-based CommunityBank of Texas NA, and Allegiance Bancshares Inc., the holding company of Houston-based Allegiance Bank, jointly announced that Stellar Bancorp Inc. will be the name of the combined company and Stellar Bank will be the name of the combined bank to be created through their merger of equals. Upon completion of the merger, Stellar Bank is expected to have more than $11 billion in assets and have the sixth-largest deposit market share in Houston. The companies will reveal additional brand elements, such as the logo, at a later date.
“When we heard the name Stellar, it fit,” says Robert R. Franklin Jr., chairman, CEO and president of CBTX Inc. “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.” Franklin will serve as Stellar Bancorp Inc.’s CEO.
“Our organizations complement each other and share a culture and strategic vision to lead the way to better banking for the communities we serve,” says Steve Retzloff, CEO of Allegiance, who will serve as executive chairman of Stellar Bancorp Inc. “The name Stellar Bank reflects our commitment to provide exceptional experiences for our customers, employees, communities and shareholders.”
The two companies took a purposeful and collaborative approach to the development of the new name. Guided by research and branding consultants, extensive exploration resulted in the name Stellar Bank. The organizations expect to operate under the Stellar Bank name later in the year, once system conversion has been completed. Until then, customers will continue to be served under the Allegiance Bank and CommunityBank of Texas brands for the near future.
Established in 1926, CommunityBank of Texas operates 34 banking locations across Houston, Dallas, Beaumont and surrounding communities in Texas. Established in 2007, Allegiance Bank operates 27 full-service banking locations in the Houston region.