On September 8, Kemp-based Harmony Bank NA and Dallas-based Texas Brand Bank announced that they have signed a definitive agreement in which Harmony Bank will merge with and into Texas Brand Bank. The merger agreement, announced by former Texas State Senator John J. Carona, chairman of Harmony Bank, and Edward B. Tomlinson II, chairman of Texas Brand Bank, is expected to close in the first quarter of 2023. Upon completion, the combined company will conduct business as Harmony Bank and operate as a state-chartered bank. Harmony Bank is expected to have over $700 million in assets with 11 banking offices in Dallas, Ellis, Henderson, Kaufman and Navarro counties.
“Merging with Harmony Bank is synergistic for our teams, and we look forward to the benefits it will bring to our customers,” Tomlinson says. “We are committed to maintaining the great personal service that our customers have come to expect from us.”
William E. Lowe, president and CEO of Texas Brand Bank, will continue in the same role for Harmony Bank. Tomlinson, Lowe and two additional current directors of Texas Brand Bank will join the board of Harmony Bank.
“The combination of our two financial institutions will allow us to double our lending limit and acquire additional digital banking options, giving us the ability to provide greater service to current and future customers,” Lowe says.
“We are excited about what this merger means for the future of Harmony Bank,” says Vidal Jones, president and CEO of Harmony Bank. “Joining together with a strong partner like Texas Brand Bank and the superb team they have in place is a great fit for us and serves to benefit our customers and team members alike.”
Harmony Bank NA was advised in the transaction by Chet Fenimore and Pam O’Quinn of Fenimore Kay Harrison. Texas Brand Bank was advised by Robert Flowers of Bradley Arant Boult Cummings LLP and Tex Gross and Preston Simons of Commerce Street Capital.