Filing applications to merge means that Inter National Bank and Vantage Bank Texas are requesting that our bank regulators, the Texas Department of Banking and the Federal Reserve, allow us to legally become one entity.
The merger should take place shortly after the parties obtain regulatory approval, which the banks hope will occur in the third quarter of 2018. We will officially complete the operational conversion during the latter part of the fourth quarter of 2018.
The two banks have common owners, the Collins Family Trusts, and it has long been their owners’ intention to merge the banks at the appropriate time. The Collins family has been committed to South Texas banking and serving the international community since 1985, when it was a founding investor of Inter National Bank. The family’s 2008 investment in Vantage Bank Texas solidified that commitment and extended it to the San Antonio market. The merger will result in one bank that will provide expanded products and services to San Antonio, South and Central Texas as well as to El Paso and to our international clientele. Expanded customer benefits include:
The merger will have no impact on the way you go about your banking activities. You will continue to transact business at your legacy bank, just as you do today. Following are examples of activities that will remain the same after the merger:
Our expectation is that you will enjoy a broader and improved suite of products and services at competitive rates. Should any change to our current fees be contemplated, a detailed notification will occur far in advance of any possible impact to our customers.
Other than an updated Privacy Notice, it is business as usual. You will receive an updated Privacy Notice by mail after the merger.
FDIC coverage will not change unless you have accounts at both Inter National Bank and Vantage Bank Texas. If you have accounts at both banks, please contact us. (Customer Service contact information)
There will be changes, but most will not occur until the operational conversion. You have our commitment that we will communicate information about changes in a clear manner well in advance of their effective date. As always, our bankers stand ready to answer any questions that you might have over the next several months.
We have no immediate plans to change the hours of operation at any of our banking centers; however, if any changes should occur, you will be informed well in advance.
Not immediately. Until further notice, Inter National Bank and Vantage Bank Texas will operate as businesses that are independent of one another, even though they will legally become a single entity upon consummation of the merger. In December 2018, an operational conversion is planned that will allow the banks to operate as a single, integrated business. Until then, you will continue to transact business at Vantage Bank branches.
Yes. INB and Vantage Bank Texas customers will enjoy the convenience of using the ATMs of either bank surcharge free. Should you choose to use a Vantage Bank Texas ATM with your INB Debit card or vice versa, you will not incur an ATM fee.
The accounts cannot be combined before December 2018. After December 2018, you can choose to combine them or they can remain separate at your discretion.
Both Inter National Bank and Vantage Bank Texas will operate under their existing names until our operational conversion in December 2018, pending regulatory approvals. At that time, the name of the combined organization will be Vantage Bank Texas.
Executives consider the Vantage Bank Texas name more broadly connects with the strategy to serve the communities, businesses, and people of Texas, while better serving international clients through expanded products and markets. The merger will afford Vantage the opportunity to bring international products and services to clients outside its border communities.
Sam Munafo, the President, and CEO of Inter National Bank will assume the role of President and CEO of the combined bank at the time of the merger. Guy Bodine, the Chairman, President, and CEO of Vantage Bank Texas had previously announced his retirement but will stay with the Bank through the merger to assist with the transition. Other leadership announcements are forthcoming.
The Board of Directors of the merged Bank will be comprised of members of the Collins Family along with business leaders selected from the markets we serve.
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