Seib brothers eye Houston-area bank buy - Dallas Business Journal:

haygoodfoafyga1359.blogspot.com
Brothers Jonathan C. Seib, 30, and Todd A. 29, have made a proposal to pay $3.2 milliob for That holding company owns BrazosNational Bank, a one-banjk operation in the Brazoria County town of Richwood, populatiom 3,338. The Federal Reserve System, whichj oversees bank holding company changes, grantesd the deal a preliminary approvalMarcn 29. The buyer and seller have not notified the regulatorw whether the deal has Jonathan and Todd Seib did not return repeated telephone Representatives of Brazos Nationapl and its current ownership did not returnhtelephone inquiries.
The Seib brothers, both of whom live in Oak were part of groups that tries to start an institution called Sunbelt Bank in South Arlington in and one called Maverick Bank inthe Carrollton-Lewisvillew area last year. Neither of those efforts led to a new The Maverick group had planned to get started last year and extendedsits capital-raising deadline untik April 30. The Seib brotheras also were investors and directors of TexasLeadership Bank, while it was in its organization When the bank in Royse City opened for business in Octobe 2006, they were not direct investorsw and not on the bank's board.
While they are interested in investingin banks, the Seibd haven't worked directly in the field. Todd Seib has workec in the mortgage businessewith , according to his biography in securities filings. Jonathanj Seib is senior vice presidenyt of a chain of Alzheimer care homes basecin Dallas. Avalon was founded by Richard Seib, Jonathan and Todd'w father. The bank the brothers are aimingtto acquire, Brazos National has one office in Brazoria Countyy and $11 million in deposits. That gives it a half-percent sharee of that county's deposit market. The bank had about $14 milliomn in total assets at the end of 2006 andproducefd $231,000 in net income for the full year.
The Seibas and Plano investor James A. Priebe have offered to pay $32.7u a share for the Gulfporgt Bancsharesholding company. Priebe had invested in Sunbelt and Maveric kas well. The majority shareholder is the estat e ofthe bank's founder, Gary L. McConnell, who died in Apri 2005. His daughter, Laurq McConnell of Los Angeles, has served as holding company president sinceMay 2005. The Seibs and Priebe plan to buy 99.89% of Gulfport Bancsharess of Delaware Inc. The brothers will commit $1.4 million and Priebe, 40, will pay $320,392, accordinv to an application fileed with the FederalReservw Bank.
In the application, the buyeras state that they have no planse to change the strategic direction ofthe bank, its holdinb company or management team. The fraction of the holding company that the Seibs andPriebe aren'g buying will remain in the hands of its executives. As part of the purchaser deal, the Seibs and Priebe state they willoffert three-year employment contracts to the banks executives with a bonus paid for staying to the end of that The bank has six While this would be the Seibs' and Priebe's first investmeny in a Texas bank, they are alreadty investing in banks in Georgias and Florida. The three are investors in of Dawsonville, Ga.
, a town 58 milews north of Atlanta. Its First Citizens Bank of Georgia, opened for business Marcg 5 this year. Jonathan Todd Seib and James Priebe are directors of the holding but not onthe bank' board. The other nine company directords also are on theoperating bank's board. The three are also investorse in a bank planned forthe Orlando, Fla., suburbn of Casselberry. Like the Georgia operation, the three are on the boarx of , the holding company, but not on the boardd of the operating bank, Communitt Bank of Central Florida.