On Wednesday, Western Heritage Bank (“WHB”) announced an agreement with PlainsCapital Bank for the purchase of its El Paso location.
The transaction includes the purchase of approximately $25 million in loans and $24 million in deposit accounts. The acquisition is subject to regulatory approval and expected to close in the third quarter of 2017.
“It’s good to be home again. We are thrilled about the upcoming expansion of Western Heritage Bank into the El Paso market. This affords our business the ability to connect with a community that we know well,” said Jim Volk, WHB Chairman of the Board. “Our shareholders have a presence in El Paso, and we are familiar with its unique business environment.”
“We look forward to providing efficient and comprehensive onsite services combined with contemporary banking conveniences to individuals and corporate clients,” added Greg Cory, WHB President and CEO.
Until that time, the PlainsCapital Bank location at 4849 N. Mesa Street on El Paso’s west side will continue to provide services during current hours of operation, Monday through Friday from 9 a.m. to 5 p.m. ATM services will also remain accessible.
As the closing nears, El Paso PlainsCapital customers will be contacted by WHB with detailed information about the transition and WHB extension of services. Existing deposit products enjoyed by PlainsCapital customers will continue.
WHB also plans to announce the names of the El Paso board of directors in the coming months.