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BBVA Compass' quarterly earnings bode well for near future

July 27, 2017
Houston Chronicle

BBVA Compass Bancshares reported another quarter of improved earnings prompting experts to reconsider the oil slump and its effect on the bank. Dan Bass of Performance Trust commented on the news and the issues banks have faced and may continue to face. He also mentions some of the pressures being placed on banks in the region during the oil slump.

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Banks and drillers launch IPOs amid oil recovery

June 17, 2017
Houston Chronicle

A resurgent Houston economy, along with rising energy prices and a stock market rally, has led Paul Murphy to take his bank on a tour through Wall Street. Cadence Bancorporation made its stock market debut in April after its better outlook on oil and energy producers. Performance Trust’s Dan Bass shared his insight into the region’s banking trends and the opportunities stemming from a gaining energy industry.

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Bank of Austin charts a new financial course with focus on small, mid-sized businesses

May 25, 2017
Austin Business Journal

After a decade of silence, Texas’s community banking sector is hearing rumblings of a startup in North Austin. For the first time since 2009, a brand new bank will be built in the state of Texas. Dan Bass commented on the news and the demand within the market for new banks to service small businesses.

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BBVA Compass charts a virtual course in U.S. expansion

May 5, 2017
Houston Chronicle

BBVA Compass plans to expand its U.S. presence but will not be building more physical sites due to changing customer habits. Dan Bass comments on the bank’s goal of becoming a digital powerhouse and growing via a digital presence in the U.S. like it has in Europe.

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Branches dwindle as bank customers spend more time online

May 4, 2017
Houston Chronicle

Houston has seen a tremendous decrease in the number of bank branches since 2010 as customers ditch bank branches for their mobile banking devices. Dan Bass of Performance Trust commented on the trend that is taking effect across the country, as well as some reasons why. 

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Whitney absorption of First NBC could lead to branch closures

May 3, 2017
The New Orleans Advocate

Whitney Bank’s acquisition of First NBC Bank could lead to many branch closures in metro New Orleans. Jonathan Briggs of Performance Trust commented on the news as Whitney Bank determines what to do with the new bank branches it has acquired.

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First NBC Bank fails, ordered closed; will be absorbed by Whitney Bank

April 28, 2017
The New Orleans Advocate

First NBC Bank of New Orleans was ordered closed on Friday and will be acquired by Whitney Bank. The FDIC, the receiver of the failed community bank, transferred all the bank’s transactional deposit accounts to Whitney Bank. Jonathan Briggs of Performance Trust commented on the news, and the stunning development in the local banking industry.

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BBVA Compass first-quarter earnings jump more than 200 percent

April 27, 2017
Houston Chronicle

BBVA Compass Bancshares records its first year-over-year quarterly uptick in net income since mid-2015 due to higher interest rates and other factors. Dan Bass commented on their growth in net income and the potential for momentum shifts. He also comments on the trend within the oil industry and the breakdown of the bank’s loans.

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After IPO, Cadence Execs Ring In New Era On NYSE

April 20, 2017
Houston Chronicle

Cadence Bancorporation is now Houston’s newest public bank, after tabling their IPO for two years while they waited for oil prices to stabilize and an overall improvement in the market. Dan Bass of Performance Trust comments on the news and the recent trend in the banking industry, stating the importance of the market, oil prices, the Texas economy, and the bank’s timing.

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Cadence IPO comes at opportune moment, analysts say

April 3, 2017
Houston Chronicle

Cadence Bancorporation, a Houston based company, will launch its initial public offering during an optimistic time in the market and the industry. Dan Bass, managing director of Investment Banking for Performance Trust Capital Partners, commented on the shift with bank stocks since the presidential election in November. He also discusses the visible trends of Texas banks.

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Cadence Bank's IPO could be signal of more to come

March 27, 2017
Houston Business Journal

Cadence Bancorp plans to file for an IPO, which could spark a window for IPOs across the banking market. Dan Bass comments on the potential shift in the market and the pent up demand from Texas banks waiting for right time to file IPOs.

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BBVA takes write-down on digital bank purchase

February 2, 2017
Houston Chronicle

BBVA Compass Bancshares said Wednesday that it remains committed to its digital banking efforts. This comes after a drop in fourth-quarter earnings stemming from a 2014 acquisition. Dan Bass of Performance Trust commented on the news and what the bank’s hindsight might say.

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Post Oak Bancshares scoops up another Houston-area bank

January 13, 2017
Houston Business Journal

Houston-based Post Oak Bancshares Inc. will acquire The State Bank of Texas. The companies announced the agreement on January 13th and the deal is expected to close in the first quarter of 2017. Chicago-based Performance Trust Capital Partners, LLC served as the exclusive financial adviser to The State Bank of Texas.

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Short of an outright sale, First NBC Bank deal 'a big step forward,' but challenges remain

January 8, 2017
The New Orleans Advocate

After major leadership changes, First NBC Bank Holding Co. takes steps to regain good graces of industry regulators. First NBC Bank's parent company agrees to sell nine branches, giving the Bank $200 million in cash and some breathing room. Jonathan Briggs of Performance Trust comments on the transaction with The New Orleans Advocate.

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BBVA Compass joins list of banks with quarterly profit declines

July 29, 2016
Houston Chronicle

BVVA Compass reports losses in second-quarter income, like many other banks with energy exposure it has been setting aside money for problem loans which hurts net income. Dan Bass, managing director of investment banking from Performance Trust touches on the topic stating “that most banks have a handle on their exposure and have put up appropriate reserves”.

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Texas banks feel headwinds of oil's storm

February 4, 2016
Houston Chronicle

Texas banks struggle as the energy sector continues to take a hit with persistent oil-price slumps. Dan Bass from Performance Trust Capital Partners discusses how banks are better prepared to handle this type of oil slump than in the 1980’s.

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HBJ reveals Deals of the Year Awards winners

January 21, 2016
Houston Business Journal

Dan Bass managing director of Performance Trust joins a panel of judges for HBJ’s inaugural Deals of the Year awards where he voted on companies who have closed or broken ground in 2015. .

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Houston's Allegiance Bank goes public, sees initial stock gain

October 9, 2015
Houston Chronicle

Houston-based Allegiance Bancshares launched its initial public offering Thursday at $21 a share and ended the day with a significant gain.

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Acquisitive banks say it's paramount to keep regulators up to speed

October 8, 2015
SNL

Highly acquisitive banking companies say consistent success on the M&A front is dependent on well-established lines of communication with regulators and is often boosted by advanced understanding of potential targets and their markets, proven due diligence practices and immediate efforts to mesh acquired employees into the buyer's culture. Daniel Bass, managing director of investment banking at Performance Trust Capital Partners, said that it is also important for sellers to be keenly aware of regulatory matters affecting M&A.

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Capital One Bank to cut jobs at Louisiana branches

September 10, 2015
The New Orleans Advocate

Capital One Bank is cutting jobs at branches throughout the state, the latest in years of moves by the banking industry to adjust to the growing number of online transactions. The moves mark the latest downsizing to hit the banking industry following years of adjustments as a new generation of customers has embraced online banking, said Jonathan Briggs, a New Orleans bank mergers specialist at Performance Trust Capital Partners.

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Allegiance Bancshares makes plans to go public

August 25, 2015
Houston Chronicle

Despite this week's stock market turbulence and the fall of oil prices below $40, Houston-based Allegiance Bancshares is launching an initial public offering.

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Houston banks Prosperity, Tradition agree to merge

August 6, 2015
Houston Chronicle

After an acquisition hiatus, Prosperity Bancshares jumped back in the ring Thursday by announcing plans to acquire Tradition Bancshares.

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Want to buy a bank? Beware of this common oversight

March 23, 2015
Houston Business Journal

Banks in Houston are definitely revving up to make some deals this year. While wheeling and dealing, there is one component of negotiations that industry players say is often overlooked and can represent quite an expense to the buyer: data processing contracts. "I've seen too many deals break up over huge DP (data processing) contract cancellation fees," said Dan Bass, managing director at Performance Trust Capital Partners LLC.

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Cadence Bancorp finds investors even as energy casts shadow

March 17, 2015
Houston Chronicle

Houston's Cadence Bancorp went looking for capital to pay for growth initiatives and was able to reel in $50 million, despite fears from some investors that low oil prices will hammer banks in markets with a strong energy industry presence. "We really didn't have any trouble finding investors," Paul Murphy, CEO and president of Houston-based Cadence Bancorp, said in an interview. Dan Bass, managing director of investment banking for bank advisory firm Performance Trust Capital Partners, said the $50 million is a good sign for the bank.

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Banking vet leads firm’s Richmond debut

February 17, 2015
Richmond Biz Sense

A veteran of the local investment banking scene has been tapped to lead a Chicago financial firm’s first push into Richmond. Gary Penrose recently left downtown-based Davenport & Co. to join Performance Trust Capital Partners, a firm that’s recently been trying to expand its investment banking practice around the country. “They help community banks improve their profitability,” Penrose said. “All of my clients, even the best-performing banks that I work with, could use that. The business has changed, and I need to bring something different to the table to help my clients today. It’s a new world.”

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Oil's rough patch shakes bank investors

January 22, 2015
Houston Chronicle

Green Bancorp priced its shares at $15 for its initial public offering in August, when oil still sold for almost $100 a barrel. Since then, the price of crude has shrunk by half, and shares of Green Bancorp are down by nearly a third. Texas banks are feeling the pinch of oil's big swoon, as lower bank stock prices hit existing shareholders, initial public offerings and prospects for merger and acquisition activity. Low oil prices also could affect acquisitions, said Dan Bass, managing director of investment banking for bank advisory firm Performance Trust Capital Partners. He thinks activity will slow down during the first half of the year. The second half depends on oil prices.

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Merchants & Farmers Bancshares, Inc. to acquire Vernon Bancshares, Inc.

January 19, 2015
Leesville Daily Leader

Merchants & Farmers Bancshares, Inc. (“M&F Bancshares”), holding company for Merchants & Farmers Bank and Trust Company, (“M&F Bank”) announced Thursday, Jan. 15, the signing of a definitive merger agreement, under which M&F Bancshares has agreed to acquire Vernon Bancshares, Inc. (“VBI”). The terms of the agreement were not disclosed. Performance Trust Capital Partners, LLC, with Jonathan W. Briggs as lead investment banker, acted as financial advisor to M&F Bancshares, and Jones Walker LLP, with lead attorneys Ron Snider and Rob Carothers, acted as its legal advisors.

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United Bancshares acquires Ohio State Bank

November 18, 2014
The Marion Star

United Bancshares Inc., parent company of The Union Bank Co., has completed its acquisition of The Ohio State Bank in a cash transaction worth about $4,290,237, a news release from United Bancshares announces. Performance Trust Capital Partners LLC served as financial adviser to United Bancshares, and Dinsmore & Shohl LLP served as the company’s legal counsel. Shumaker, Loop & Kendrick LLP served as legal counsel to Ohio State Bancshares and Rbancshares.

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Familiar name tops list of big banks in area

November 7, 2014
Houston Chronicle

JPMorgan Chase & Co. remains the banking behemoth of Houston with nearly half the area's market share, according to SNL Financial data released last week by Performance Trust Capital Partners. JPMorgan Chase had 227 branches and $104.2 billion in area deposits, giving it 48.3 per-cent of the Houston metropolitan market. Its local deposits increased 44.8 percent from $71.9 billion in 2013. "They're four times as big as the next competitor," said Dan Bass, managing director of investment banking for bank advisory firm Performance Trust Capital Partners. "It's interesting to see how much they've increased year over year."

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Capital One Bank to lay off 100-plus in Houston

November 3, 2014
Houston Chronicle

Capital One Bank will lay off more than 100 people in Houston early next year when it moves responsibility for managing and processing account activity for its local branches out of state, the bank said Monday. Dan Bass, managing director of investment banking for bank advisory firm Performance Trust Capital Partners, said this type of downsizing tends to happen in back-office jobs as technology makes it easier to consolidate functions.

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Midwest sees 86 M&A deals among banks and thrifts so far in 2014

October 28, 2014
Columbus Business First

The number of banking mergers is picking up nationally and the Midwest is again proving the most-active location, in part because of the sheer number of institutions calling the region home. "We have a lot of banks, with 250 in Ohio in particular," Kate Lynch, director of investment banking for Performance Trust Capital Partners, told me. "It's driven by the number of small institutions or just total number of banks."

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Bad CRA Score May Put Brakes on BBVA Compass' Growth

August 25, 2014
American Banker

BBVA Compass Bancshares might be the latest financial institution to have its M&A aspirations stunted by compliance shortcomings, but it could be a bit of a blessing in disguise for the foreign-owned bank. In that regard, BBVA Compass' executives find themselves in perhaps a better situation than others; management is being told by regulators to fix issues while its M&A plans are still conceptual. It is unclear if the company had any deals lined up, but investment bankers said BBVA Compass was interested in M&A, but had been rather selective. "I'd say it is much better to figure this out now while you're thinking about M&A than to find a deal and then have egg on your face when regulators find issues," said Daniel Bass, a managing director of Performance Trust Capital Partners.

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Acquisition Could Portend Another Big IPO in Texas

August 8, 2014
American Banker

Another Texas bank's public offering is coming - eventually. Rather than rush immediately to pursue an initial public offering, Martinez reached another deal late last month. Allegiance's agreement to buy the $540 million-asset Farmers & Merchants Bancshares in Houston will push the IPO timeline back a bit. The acquisition is expected to give Allegiance double-digit earnings improvement, Martinez said, largely by cost-cutting opportunities. The seller's Enterprise Bank unit had an efficiency ratio of 63% at March 31, compared to 66% at Allegiance. Enterprise's loan growth was held back by its size and its board's decision avoid a dilutive capital raise, said Daniel Bass, a managing director of Performance Trust Capital Partners, which represented Farmers & Merchants.

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Behind the Deal: Allegiance Bank going big with latest acquisition

July 29, 2014
Houston Business Journal

For banks looking at making a stock market splash, the thinking is "Go big or go home." And Houston-based Allegiance Bank is taking that advice to heart. The $1.2 billion bank, which is mulling an IPO, completed its second acquisition in less than a year on July 28, buying Farmers & Merchants Bancshares Inc. and its subsidiary, Enterprise Bank, for an undisclosed amount. Dan Bass, managing director for Performance Trust Capital Partners, which represented F&M on the deal, said demand on Wall Street for Texas banking has been growing.

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Ohio State Bank finds another buyer, bringing new competitor to Central Ohio

July 1, 2014
Columbus Business First

Ohio State Bank has found a buyer just months after another suitor backed out of a deal. It saw an agreement with Westerville-based Guernsey Bancorp Inc. fall through because of the accounting for trust-preferred securities. That wasn’t a concern in these negotiations, said Kate Lynch, director of investment banking for Performance Trust Capital Partners LLC, which is serving as financial adviser to United.

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M&A likely to follow IPO for Houston-based Green Bancorp

June 27, 2014
SNL Financial

Green Bancorp Inc. might be looking to take a leaf out of Independent Bank Group Inc.'s playbook in an effort to replicate some of the recent success of the McKinney, Texas-based bank. And somewhere near the beginning, that plan suggests filing for an IPO. Daniel Bass, managing director of investment banking at Performance Trust Capital Partners, also pointed to Independent as a model that Green could follow in terms of the deals the company has struck and the performance of its stock since its IPO. "It's easy to extrapolate that and put it to Green and say 'look, we can do the same thing,'" he said. Bass added that Green's IPO announcement was just a matter of time given the bank's size and its need for some liquidity for its private equity investors.

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Veteran i-banker says change is afoot in bank M&A

February 25, 2014
SNL Financial - The Pipeline

Al Glowasky believes times are changing when it comes to bank M&A. No, the veteran bank investment banker doesn't expect deal activity to spike and hit 2006 levels, when the total aggregate value of U.S. bank and thrift M&A deals was more than 85% higher than it was in 2013, according to SNL data. In fact, Glowasky said the pace to bank M&A could even slow because buyers are changing their due diligence process to spend more time examining earnings and deposits, and this adjustment could lead to potential targets receiving lower valuations than they expect.

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Allegiance Closer to IPO After Deal to Buy Houston Rival

August 12, 2013
American Banker

Allegiance Bancshares executives long saw Independence Bank as a potential acquisition target, but what finally prompted the two Houston lenders to pair up? "The Independent IPO really brought a lot of focus in that size range, and the sales pitch is that you could be a part of the next Texas bank to go public," says Daniel Bass, a managing director of Performance Trust Capital Partners, one of the advisors to the $220 million-asset Independence Bank. "It really ignited the banks like Allegiance to try and get to $1.5 billion in assets," a rule of thumb for banks that want to get the market's attention.

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Allegiance acquisition to create $1B bank in Houston

August 5, 2013
Houston Business Journal

Allegiance Bancshares Inc. has agreed to acquire the $220 million-asset Independence Bank, executives told the Houston Business Journal on Monday...the deal gives Allegiance a larger asset base from which to launch another major franchise in the city, said Dan Bass, Houston managing director for Performance Capital Trust Partners LLC. “I think they’re going to be a major player in Houston on a long-term basis,” Bass said. “Once you get to $1 billion (in assets), you’re on the radar screen for people trying to get into Houston. Not that they’d sell, … but the bigger you are, then the more you can spread out the cost and drive the efficiency ratio down.”

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Prosperity's Zalman Bends His Own Rules in Pricey Deal

July 3, 2013
American Banker

David Zalman dislikes bidding for banks — but he hates losing out on a target he really wants. The chief executive of Prosperity Bancshares (PB) in Houston gave in just a little to snag the oldest independent bank in Texas, FVNB in Victoria, for $380 million in cash and stock this week. The rising stock price is further proof that the market is more interested in price to earnings, says Dan Bass, a managing director at Performance Trust Capital Partners. The deal is priced at 17.7 times FVNB's earnings; Prosperity trades at 16.5 times its earnings. When adjusted for an expected 25% cost savings, the multiple is closer to 11.7, Bass says.

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Prosperity Bancshares stays in a buying mood

July 1, 2013
Houston Chronicle

Houston's Prosperity Bancshares has been on a merger tear in the past 18 months, announcing seven deals including one on Monday. But the latest - an agreement worth nearly $380 million to buy First Victoria National Bank - has been brewing for years. Dan Bass, managing director of investment banking with Performance Trust, called Prosperity one of the "darlings" of the banking industry right now because of its ability to negotiate deals at a good price and successfully integrate companies. "They are a machine. They are striking while the iron is hot and doing a number of transactions," Bass said of Prosperity. "This is not the biggest deal they have done, but it is a sizable deal. They are starting to see bigger deals now and those move the needle more. They are getting larger quickly."

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Good Match Outweighs Distance in Texas-Iowa Deal

April 25, 2013
American Banker

Triumph Bancorp, a specialty lender in Dallas, announced Wednesday it would acquire National Bancshares, a community banking company in Bettendorf, Iowa. The pairing seems odd on the surface, but each recognized the other has something it needs. The deal highlights how in the current M&A market, there is something for everybody — so long as buyers and sellers come with an open mind. "This goes to show you that opportunistic buys are out there if you're willing to look," says Daniel Bass, managing director at Performance Trust Capital Partners. "This deal makes a lot of sense from both sides."

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Southwest National Bank to buy loans, sell deposits of Nevada sister bank

April 18, 2013
Houston Business Journal

In a bid to refocus its efforts on Texas, the parent company of Houston-based Southwestern National Bank will sell the deposits and branches of a Nevada-based sister bank, CEO Gary Owens told me Thursday. After the Dodd-Frank Act of 2010, sister banks residing in different states have been able to shed separate state charters and operate using a single charter, a cost-saving move that cuts administrative expenses, said Dan Bass, Houston managing partner for Performance Trust Capital Partners.

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Independent Bank Group looking for Houston acquisitions

April 3, 2013
Houston Business Journal

A McKinney-based bank is scouting out the Houston market for potential acquisitions. It’s also in the midst of going public, which industry observers say will give it more muscle to scoop up banks. In regulator filings, Independent Bank Group Inc. said it plans to explore the Houston and San Antonio markets for bank deals, believing there are opportunities to buy small banks throughout the state “either because of scale and operational challenges, regulatory pressure, management succession issues or shareholder liquidity needs.” “They’ve been looking around (for Houston bank deals) for a while, but now they (will) have public currency, which should make them a more attractive buyer,” said Dan Bass, Houston managing director at Chicago-based fixed-income services firm Performance Trust Capital Partners LLC.

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CommunityBank execs discuss merger plans

March 7, 2013
Houston Business Journal

This March — Thursday, to be more precise — bank executives invited me to their office to tell me they planned to combine Vista Bank Texas and CommunityBank of Texas. But this time, richer shareholders weren’t going to ride off into the sunset just yet — it’s expected to be a merger of equals, allowing “everyone to maintain their position” in the bank. In other words, there's no premium. “Frankly, I think there should be more of these (types of deals), but typically egos get in the way,” said Dan Bass, Houston managing director of Performance Trust Capital Partners. “One side or another wants control or wants a premium.” But who knows, Bass said — the deal could spur similar transactions “where they put their egos in check and say, look, this makes a lot of sense. Merger and acquisition multiples aren’t going to get back anytime soon to what we were used to. But if we get to $2 billion, and they do come back, our shareholders are going to benefit from that.”

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Exclusive: Vista Bank, Community Bank set to merge

March 7, 2013
Houston Business Journal

Vista Bank Texas and CommunityBank of Texas have agreed to a merger of equals, creating a $2.3 billion-asset financial institution in coveted, high-growth Houston, executives told the Houston Business Journal on Thursday. The merger would create one of the largest privately owned community banks in the Houston area, making it a tempting acquisition target for out-of-state banks or positioning it to make an initial public offering in future years — it would certainly allow the bank to compete harder against larger local financial entities, said Dan Bass, Houston managing director of Performance Trust Capital Partners. “I think what this tells you is this is not a group of shareholders that is done with banking, packing it in and leaving the industry — this is truly a long-term play of putting two banks together,” Bass said. 

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Patriot Bank, Bank of Houston pass community reinvestment exams

March 6, 2013
Houston Business Journal

Two Houston banks scored "satisfactory" marks on the Federal Deposit Insurance Corp.’s exam on compliance with the Community Reinvesment Act, which purports to measure how well banks serve various segments of the population. But it’s not too difficult — it’s a standard, pre-Dodd Frank compliance test that banks have gone through for several years, said Dan Bass, Houston managing director of Performance Trust Capital Partners LLC. The banks “know the rules as far as what they need to be doing to show that they’re serving all areas of the community, not just the high-net-worth areas,” Bass told me in a quick phone call early Tuesday, adding that the test takes into account a population’s mix of income and geography. “Basically, you define your market share and show that you’re not discriminating against one type of client base.”

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Louisiana banks flock to Houston to generate organic growth

February 22, 2013
Houston Business Journal

In many of Louisiana’s markets, stealing market share is the name of the game, but Houston’s overall economic prosperity means banks in the market can generate organic growth, said Dan Bass, managing director at Performance Trust Capital Partners in Houston. “It’s harder to steal market share than it is to grow in an economy and get your share of the new loans,” Bass said. “It’s good that all these banks are coming here—you’d rather have a bunch of banks coming in than a bunch of banks leaving. I think it bodes well for the future.”

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OmniAmerican Heads Class of Ex-Mutuals Ripe for Takeover

January 23, 2013
American Banker

Monday marked three years since the $1.3 billion-asset OmniAmerican (OABC) in Fort Worth, Texas, converted from a mutual savings bank to a stock corporation. Regulations bar converted mutuals from selling themselves during their first three years, and speculation usually heats up as they approach that milestone. "I do know that they don't have the earnings that they should have," says Daniel Bass, a managing director at Performance Trust Capital Partners. "I would assume they are getting talked to, [and] they have such a good footprint in Fort Worth from a buyer's perspective."

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Texas Community Bank’s Q3 Texas ratio among highest in U.S.

December 18, 2012
Houston Business Journal

Texas Community Bank NA, a $235.8 million-asset financial institution based in The Woodlands, had the 30th-highest “Texas ratio” among all U.S. banks in the third quarter, according to an analysis by Charlottesville, Va.-based SNL Financial Inc. "I think they're trying to look at all their options," said Dan Bass, managing director at Performance Trust Capital Partners in Houston. "Regulators these days are giving more leeway if (the bank) is trying to make progress, talking to various investors."

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