Acquisitions

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

ACQUISITIONS

4. ACQUISITIONS

On May 5, 2014, the Company entered into a definitive agreement to acquire SP Bancorp, Inc., and its wholly owned subsidiary, SharePlus Bank for aggregate cash consideration of $46.2 million, subject to adjustment as set forth in the definitive agreement.  SharePlus Bank is a Texas chartered state bank headquartered in Plano, Texas, with four branches, two in Plano, Texas, one in Dallas, Texas and one in Louisville, Kentucky.  The Company has received the requisite regulatory approvals and subject to satisfaction of certain conditions, including SP Bancorp, Inc. shareholder approval, the transaction is expected to close in the fourth quarter of 2014.

At June 30, 2014, SP Bancorp, Inc. reported $250.2 million in loans, $268.9 million in deposits and $33.4 million in stockholders’ equity.