Triumph Bancorp Inc., parent of Texas-based Triumph Savings Bank, SSB, has signed a agreement to acquire National Bancshares Inc., parent of THE National Bank, headquartered in Bettendorf.
National Bancshares is a $945 million bank holding company. Its community banking subsidiary, THE National Bank, offers personal checking accounts, savings accounts, CDs, money market, business accounts, as well as consumer, commercial and mortgage loans from 19 branches and three loan production offices in Iowa, Illinois and Wisconsin.
"By partnering with Triumph we will be able to offer our customers expanded products currently not offered by THE National Bank, including equipment leasing, factoring and asset-based lending," John D. DeDoncker, president and CEO of THE National Bank, said, adding that the bank "will operate as a stand-alone subsidiary of Triumph and will continue to support local economic and civic development."
The agreement provides for Triumph Bancorp Inc. to acquire National Bancshares Inc., resulting in $1.2 billion in total assets and pro forma capital of more than $150 million for the combined organization.
The agreement is subject to customary closing conditions and regulatory approval and is expected to close in the third quarter of 2013.
Triumph Bancorp Inc. is a financial holding company with interests in wholesale banking, commercial finance and investment management.