CommunityBank of Texas goes public

CBTX Inc. (“CBTX”), the bank holding company for CommunityBank of Texas N.A., announced Sunday, Nov. 10, that it has completed the initial public offering of 2,400,000 shares of its common stock at a price of $26 per share. CBTX’s common stock began trading on the NASDAQ Global Select Market on Nov. 8 under the trading symbol “CBTX”. Nov. 8, the underwriters exercised in full their option to purchase an additional 360,000 shares of CBTX’s common stock at the public offering price less the underwriting discount.

As of Monday, Dec. 11, the price of CBTX shares increased to $28.90 per share.

“It’s done well on the market. Bank stocks as a whole are doing fairly well right now and our stock is doing well as well,” said Pat Parsons, vice chairman of the board for Community Bank of Texas, N.A.
CommunityBank of Texas, N.A., is a $2.9 billion asset bank offering commercial banking solutions to local small and mid-sized businesses and professionals in Houston, Beaumont and surrounding communities in Southeast Texas. It’s the first Beaumont-based company to go public since Conn’s Appliances Inc. went public in 2003, Parsons said.
“I think (the company going public) should be a source of pride in our community,” Parsons said. “It shows that Beaumont can generate the sort of quality bankers and quality corporations that can have a national profile.”

Parsons said going public better positions the company to compete with bigger, nationally known banks.

“We now have a much larger capital base and with that larger capital base, we can continue to expand the bank in order to position (ourselves) to service larger customers that we were before. I.e., we can lend them more money than we could before,” he said. “We will be able to continue to grow the bank — expand our services, expand our loans, expand our customer base and help our communities grow.”

Parsons was quick to point out that the bank going public would not hinder the experience for its customers, however.

“I think it’s all about serving our community … On the day-to-day interface with our customers with our bank, (going public is) not going to change anything at all,”  Parsons said. “We’re going to be the same bank doing business the same way that we always have.”

CommunityBank of Texas currently has 18 branches located in the Houston market, 16 in the Beaumont market, and nearly 500 employees across the company’s entire footprint.

For more information visit the bank’s Investor Relations page at ir.cbtxinc.com.

Photo by Kelsey Ayres/Nasdaq Inc.- Robert R. Franklin Jr., Chairman, President and CEO; and J. Pat Parsons, Vice Chairman of the Board, at the NASDAQ stock exchange

Category: