The Federal Reserve Board on Thursday announced its approval of the proposal under section 4 of the Bank Holding Company Act of 1956 by Texas Independent Bancshares, Inc. ("TIB"), Texas City, Texas, to acquire Preferred Bancshares, Inc. ("Preferred") and thereby indirectly acquire Preferred's subsidiary federal savings bank, Preferred Bank, both of Houston, Texas. The Board also approved the proposals under section 18(c) of the Federal Deposit Insurance Act and section 9 of the Federal Reserve Act by Texas First Bank, Texas City, Texas, to merge with Preferred Bank and to establish and operate branches at the locations of the main office and branches of Preferred Bank.
Attached is the Board's order relating to this action.
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