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August 8, 2014
American Banker

Another Texas bank's public offering is coming - eventually. Rather than rush immediately to pursue an initial public offering, Martinez reached another deal late last month. Allegiance's agreement to buy the $540 million-asset Farmers & Merchants Bancshares in Houston will push the IPO timeline back a bit. The acquisition is expected to give Allegiance double-digit earnings improvement, Martinez said, largely by cost-cutting opportunities. The seller's Enterprise Bank unit had an efficiency ratio of 63% at March 31, compared to 66% at Allegiance. Enterprise's loan growth was held back by its size and its board's decision avoid a dilutive capital raise, said Daniel Bass, a managing director of Performance Trust Capital Partners, which represented Farmers & Merchants.

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