Sovereign Bancshares Inc. of Dallas has agreed to buy Jefferson Bank of Texas, also of Dallas, for $20 million to $30 million in cash and stock.
The $390 million-asset Sovereign has five branches in the Dallas area. Jefferson, which has assets of $200 million, has six Dallas-area branches. Sovereign also has two branches in the Austin area.
Sovereign is part of Outsource Bank Group of Lubbock, a holding company for a range of financial service companies. Sovereign, which announced the deal Tuesday, said a price had not been finalized. The deal is expected to close in the third quarter.
