BBVA in $480 Million Acquisition of State National Bank
June 12, 2006
Cleary Gottlieb is representing Banco Bilbao Vizcaya Argentaria, S.A. in its $480 million acquisition of State National Bancshares, Inc. The acquisition, combined with BBVA’s parallel acquisition of Texas Regional Bancshares, Inc., is expected to increase BBVA’s deposits in Texas to approximately $10.1 billion, which will make it the fourth largest banking group in Texas. The transaction, subject to shareholder and regulatory consents and approvals, is expected to close in the first quarter of 2007.