DALLAS – PlainsCapital Corp. signed an agreement to acquire First Southwest Holdings Inc. in an all-stock transaction, terms of which weren’t disclosed.
The deal combines one of the biggest privately held Texas banks with the second-largest financial-advisory firm in the country.
“Recent consolidation in the investment-banking industry further strengthens the rationale behind this strategically compelling and financially attractive merger,” PlainsCapital said in a release Tuesday.
Both companies are based in Dallas and First Southwest becomes a unit of PlainsCapital, which expects the acquisition to immediately add to earnings.
“An acquisition of this type has been on our agenda for a while, but we were looking for a company that fits our culture and our full-service bank model,” said Alan B. White, PlainsCapital chairman and chief executive. “First Southwest is that company.”
