Oklahoma City-based InterBank’s acquisition of troubled Park Cities Bank will allow Interbank to strengthen its presence in the Dallas-Fort Worth Metroplex.
Park Cities Bank has about $400 million in assets, and about 70 employees. Founded in 2000, Park Cities Bank has four branches, three in Dallas and one in Fort Worth. Park Cities Bank has been operating since 2010 under orders from bank regulators to strengthen capital.
The purchase will allow InterBank, which has a presence primarily in Oklahoma and west Texas, to boost its visibility in the Dallas area, said Mike Sterkel, president of the Oklahoma region for InterBank.
“We do a considerable amount of business in the Metroplex. We just feel that this acquisition will give us a market presence in that growing vibrant market and will come with growing banking opportunities,” Sterkel said. “It’s a natural sort of expansion of our footprint.”
Interbank is Oklahoma’s sixth-largest bank with about $2.1 billion in assets, according to the Federal Deposit Insurance Corp
InterBank put a winning bid of $11.4 million to purchase Dallas-based Park Cities Bank out of bankruptcy court from parent company North Texas Bancshares Inc. in December.
Federal regulators have already approved the sale. The Oklahoma Banking Board is schedule to consider approving InterBank’s acquisition of Park Cities Bank at its meeting Wednesday.
InterBank is confident the banking board will approve the transaction, Sterkel said.
The sale to InterBank is expected to close Feb. 28. On March 1, Park Cities Bank branches will become branches of InterBank, but will maintain the Park Cities Bank brand.
Park Cities Bank’s holding company, North Texas Bancshares Inc. filed for Chapter 11 in Delaware in October.
The bank holding company blamed bad real estate loans and lower natural gas prices for the bankruptcy.
“The bank has some problems, but the bigger issues were with the holding company, which was unable to fulfill its debt obligations,” Sterkel said.