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Texas Regional Bancshares (TRBS Quote), the holding company for Texas State Bank, agreed to be acquired by Banco Bilbao Vizcaya Argentaria (BBV Quote) for $2.16 billion in cash.
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. ...
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