Chasewood Bank to be acquired by businessman

The Houston Business Journal reported that businessman Tilman Fertitta agreed to acquire Houston-based Chasewood Bank, however the financial terms of the deal were not disclosed in the report. The transaction is expected to close late in the fourth quarter or in early 2022, the publication reported, citing a statement from Fertitta.

A Fertitta-owned entity called MergerCo Inc. applied Aug. 23 with the Federal Deposit Insurance Corp. and the Texas Department of Banking to merge into Chasewood Bank, with the bank as the surviving entity. If the regulators approve the transaction, Fertitta will become the bank’s sole shareholder, the news outlet reported, citing legal notices. 

Fertitta is also expected to become a director of Chasewood Bank if the transaction is approved. Chasewood Bank President and CEO Bob Tyer is anticipated to remain in his current role after the completion of the deal.

The bank will run as an independent entity from Fertitta’s other businesses after the deal closes. Fertitta’s current businesses include Landry’s, the Houston Rockets and the Golden Nugget Casinos and Hotels.

Chasewood Bank had total assets of approximately $111.2 million as of June 30, according to the FDIC. The bank operates two branches in Harris County, Ranked No. 59 with a 0.03% share of approximately $320.78 billion in total market deposits.