Seib brothers eye Houston-area bank buy - Dallas Business Journal:

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Brothers Jonathan C. Seib, 30, and Todd A. Seib, 29, have made a proposao to pay $3.2 million for That holding company owns BrazosNational Bank, a one-banik operation in the Brazoria Count y town of Richwood, populatiojn 3,338. The Federal Reserved System, which oversees bank holding company granted the deal a preliminary approvalMarch 29. The buyee and seller have not notified the regulators whethere the dealhas closed. Jonathanm and Todd Seib did not return repeated telephone Representatives of Brazos National and its current ownership did not returntelephone inquiries.
The Seib both of whom live in Oak were part of groups that tried to start an institutioh called Sunbelt Bank in South Arlingtonmin 2005, and one called Maverick Bank in the Carrollton-Lewisvillre area last year. Neither of those efforts led to a new The Maverick group had planned to get started last year and extendesits capital-raising deadline until April 30. The Seib brotherzs also were investors and directores of TexasLeadership Bank, while it was in its organization phase. When the bank in Roysee City opened for business in October they were not direct investors and not onthe bank'ds board.
While they are interested in investin gin banks, the Seibs haven't worked directly in the Todd Seib has worked in the mortgage business with , accordinbg to his biography in securities Jonathan Seib is senior vice president of a chain of Alzheimer care homesz based in Dallas. Avalon was foundedc by Richard Seib, Jonathan and Todd'ws father. The bank the brothers are aiming to BrazosNational Bank, has one office in Brazoria County and $11 million in That gives it a half-percent share of that county's deposift market. The bank had about $14 million in totalk assets at the end of 2006 andproduced $231,000 in net incomee for the full year. The Seibs and Plano investoer James A.
Priebe have offered to pay $32.776 a share for the Gulfporf Bancsharesholding company. Priebe had invested in Sunbely and Maverickas well. The majorithy shareholder is the estate ofthe bank'zs founder, Gary L. McConnell, who died in April 2005. His Laura McConnell of Los Angeles, has served as holding companu president sinceMay 2005. The Seibs and Prieber plan to buy 99.89% of Gulfport Bancshares of Delaware Inc. The brotherd will commit $1.4 million and Priebe, 40, will pay according to an application filed with the FederalReserver Bank. In the application, the buyers state that they have no plan s to change the strategic direction ofthe bank, its holdin company or management team.
The fraction of the holdint company that the Seibs andPriebse aren't buying will remain in the hands of its As part of the purchased deal, the Seibs and Priebe state they will offer three-year employment contracts to the banks executives with a bonus paid for stayingt to the end of that term. The bank has six While this would bethe Seibs' and Priebe'se first investment in a Texas bank, they are already investingv in banks in Georgia and Florida. The three are investorss in of Dawsonville, Ga., a town 58 miles north of Its bank, First Citizens Bank of Georgia, openedr for business March 5 this year.
Jonathan Todd Seib and James Priebe are directors of theholdin company, but not on the bank's board. The other nine compang directors also are on theoperating bank'sw board. The three are also investors in a bank plannedx forthe Orlando, Fla., suburb of Casselberry. Like the Georgi a operation, the three are on the boar d of , the holdingh company, but not on the boards of the operating bank, Community Bank of Central Florida.