Journey Financial Group is acquiring Houston-based Lone Star Bank..The deal is expected to close either late in the second quarter or early in the third quarter of this year. As of the end of last year, the single-branch Lone Star Bank had $191 million in assets, $167 million in deposits and $166 million in total loans. The bank has four branches in Colorado and Texas. A banking entrepreneur, Journey Financial Chair and CEO Dean Bass founded Spirit of Texas Bank in 2008, which began by focusing in the Houston area before expanding into each of the major cities in Texas. Bass is credited with leading the bank’s growth to more than $3 billion before its 2022 sale to Simmons First National Corporation, Pine Bluff, Ark. Bass also founded Royal Oaks Bank in Houston, which he sold in 2006 to Missouri-based banking company First Banks for $38 million. “We have admired the growth and reputation of the Lone Star franchise over the past many years and are excited about the potential of this new partnership to become a leading community bank for the Houston community,” Bass said.Inverness, Ill.-based Hovde Group is advising Journey Financial Group, while Richmond, Va.-based Hunton Andrews Kurth is legal counsel. Lone Star Bank is being advised financially by Minneapolis-based Piper Sandler & Co., with legal counsel by Birmingham, Ala.-based Bradley Arant Boult Cummings LLP.
