With the proposed acquisition Carlile has plans to set up Northstar Bank as the flagship bank, and will continue to operate under the Northstar Bank name with its existing leadership team and operational infrastructure.
Northstar Bank’s current chairman of the board Rob Gentry will remain on the board and will join Carlile’s board of directors, while Tony Clark will remain as the bank’s president and CEO, said the acquirer.
Carlile’s chairman and CEO Tom Nichols said Northstar will add value to the holding company, and will position them to strategically continue growing across Texas.
The transition is expected to complete in the second quarter of 2012, subject to closing conditions including approval by Northstar’s shareholders and regulatory approval.
Northstar Bank owns nearly $1bn in assets and operates its businesses from 10 locations throughout North Texas.
Carlile operates two bank subsidiaries, Treaty Oaks Bank with five locations in Austin and Marble Falls, TX and Bank of Broadmoor with four locations in Colorado Springs, US and has combined assets of approximately $300m.
