Spirit of Texas Bank expands reach with Simmons Bank branch purchase
Conroe-based Spirit of Texas Bank reached a deal to acquire four branch offices and one mortgage loan office of Simmons Bank in Austin, San Antonio and Tilden.
The transaction, which is expected to close in the first quarter of 2020, will increase Spirit’s number of locations to 41 in Texas. The deal includes $160 million in deposits and $272 million in loans across the five Simmons offices, as of Sept. 30, according to Spirit.
Simmons bankers and employees, including Clay Jett, regional chairman at Simmons Bank over the five locations, will join Spirit of Texas Bank. Simmons Bank is a subsidiary of Ark.based Simmons First National Corp.
Spirit of Texas Bank has 36 locations in the Houston, Dallas/Fort Worth, Bryan/College Station, San AntonioNew Braunfels, Corpus Christi and Tyler areas.
Contango raises $53M in private placement
Contango Oil & Gas Co., a Houston independent oil and natural gas company with offshore properties in the shallow waters of the Gulf of Mexico and onshore in Texas, Oklahoma and Wyoming, last week said it had closed on the private placement of 19 million shares of common stock and 2.34 million shares of Series C preferred stock.
The sale generated approximately $53.4 million for the company, which it said it intends for general corporate purposes, including capital expenditures under a deal Contango announced Dec. 20 with Houston-based Juneau Oil & Gas LLC.
Under that joint development agreement, Contango will have the right to acquire an interest in all of Juneau’s prospects in the Gulf of Mexico for $6 million in cash and stock.
Contango is traded on the New York Stock Exchange.
Sysco reaches contract with Teamsters
Drivers and warehouse workers at Sysco voted to ratify a new five-year contract on Dec. 19, capping 10 months of negotiations and ending a six-month period in which they worked without a contract.
The new contract calls for a pay increase of 9 percent for drivers and 6 percent for warehouse workers in the first year. The agreement also ensures that the workers would continue to receive their average pay should they choose to use their earned vacation time, according to their union, Teamsters Local 988.
Sysco earlier this year laid off nearly 300 of its corporate support staff in Cypress, consolidated its French subsidiaries and closed some facilities in Canada and Europe. More recently, Sysco sold Iowa Premium, its cattle processing business, to focus on its core distribution operations.
Cryotherapy franchisor signs Dallas-area deal
Houston-based iCryo Cryotherapy said it finalized a new area development deal in the Dallas-Fort Worth Area. The deal calls for 18 locations to be developed over the next four years.
The franchisor offers services such as whole body cryotherapy, cryo facials, infrared saunas, compression therapy, body sculpting, IV infusions and localized cryotherapy. The treatments are intended to address a number of issues, from improving sleep to skin rejuvenation and improvement of circulation.
There are three iCryo locations in the Houston area: the Heights, Pearland and League City.