The transaction values each share of Texas Regional at $38.90. Spain's BBVA operates in 32 countries and has banking interests in the Americas. Following the merger, Texas Regional will become part of BBVA's U.S. retail-banking unit. Texas State Bank will continue its current operations under its existing management team.
Shares of Texas Regional were higher by $3.55, or 10.4%, to $37.75. BBVA was down 13 cents to $19.06. Texas Regional's 52-week range is $23.64 to $34.75.
McAllen-based Texas Regional operates more than 70 banking centers in Texas. As of March 31, Texas Regional had total assets of $6.6 billion, total loans held for investment of $4.1 billion and total deposits of $5.6 billion. BBVA has nearly 7,500 branches and assets of around $497 billion.Separately, BBVA said it will also buy State National Bancshares (SNBI) of Fort Worth, Texas, for $480 million. State National is being valued at $38.50 a share. The bank has $1.6 billion in assets. State National's shares were rising $1.39, or 4.5%, to $32.50. The stock's highest close in the last year is $31.37.