Two RGV Banks to Merge

Rio Financial Services Inc., parent company of Rio Bank, announced it would purchase Elsa State Bank & Trust Co. Both organizations are headquartered the Rio Grande Valley and, according to Rio Bank board member Marcus Barrera, the acquisition is anticipated to close in August 2018. Total assets of the RGV banks, combined, are approximately $550 million.

Rio Bank, headquartered in McAllen, TX, has eight locations in Hidalgo and Cameron Counties. Elsa State Bank, which has its main offices in Rio Grande City, has six locations in Starr and Hidalgo Counties. Upon closing, Elsa State Bank will operate under the Rio Bank brand. Craig Lewis, executive vice president with Rio Bank, indicated that the merger, itself, will be fully completed by the end of February 2019.

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