Spain’s BBVA to Buy Two Texas Banks
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From Reuters
Banco Bilbao Vizcaya Argentaria, Spain’s No. 2 bank, agreed to buy two Texas banks for $2.64 billion to triple its retail presence in the state and reach more Latino customers.
BBVA would pay $2.16 billion, or $38.90 a share, for McAllen-based Texas Regional Bancshares Inc., the parent of Texas State Bank. That was 13.7% above Friday’s closing price.
BBVA also agreed to pay $480 million, or $38.50 a share, for Fort Worth-based State National Bancshares Inc., a 23.8% premium.
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