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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
August 30, 1996
FORT BEND HOLDING CORP.
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(Exact name of Registrant as specified in its Charter)
DELAWARE 0-21328 76-0391720
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
3400 Avenue H, Rosenberg, Texas 77471-3808
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 342-5571
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On August 30, 1996, the Registrant issued the press release attached as
Exhibit 99 announcing the purchase of controlling interest in Mortgage Banking
Business.
The foregoing information does not purport to be complete and is
qualified in its entirety by reference to the Exhibit to this Report.
Item 7. Press Release
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(c) Exhibits
The Exhibit referred to in Item 5 of this Report and listed on
the accompanying Exhibit Index is filed as part of this Report and is
incorporated herein by reference.
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EXHIBIT
NUMBER DESCRIPTION
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99 Press release, dated August 30, 1996
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
FORT BEND HOLDING CORP.
Date: September 9, 1996 By:/s/ Lane Ward
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Lane Ward
Vice Chairman, President and
Chief Executive Officer
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FOR IMMEDIATE RELEASE For more information contact:
AUGUST 30, 1996 Lane Ward, President/CEO
(713) 342-5571
FORT BEND HOLDING CORP. TO PURCHASE
CONTROLLING INTEREST IN MORTGAGE BANKING BUSINESS
ROSENBERG, TEXAS, August 30, 1996 -- Fort Bend Holding Corp. today announced
that its wholly owned subsidiary, Fort Bend Federal Savings and Loan Association
of Rosenberg ("Fort Bend"), has executed a letter of intent with The Woodlands
Corporation to acquire a controlling interest in a new limited liability company
to be called the New Mitchell Mortgage Company ("New Mitchell"). It is being
formed for the purpose of engaging in the mortgage banking business, including
the origination and servicing of single family purchase loans, single family
construction loans and commercial and multifamily real estate loans. The
Woodlands will contribute certain mortgage loans and its mortgage servicing
portfolio and liabilities of its wholly-owned mortgage banking subsidiary,
Mitchell Mortgage Company ("Mitchell"), in exchange for a 49% ownership interest
in New Mitchell and Fort Bend will contribute cash in exchange for a 51%
ownership interest in New Mitchell. Mitchell Mortgage Company was formed in 1974
and has had a mortgage banking relationship with Fort Bend Holding Corp. for
seven years.
Upon satisfactory completion of both parties' due diligence review, Fort
Bend and The Woodlands Corporation intend to enter into a definitive agreement
at the earliest practicable date. The transaction should be completed by year
end. New Mitchell is proposed to be operated in a manner consistent with that
currently engaged in by Mitchell.
"We are very pleased to be able to join forces with The Woodlands
Corporation in this venture," said Lane Ward, President of Fort Bend Holding
Corp. "The Woodlands Corporation's development known as The Woodlands has long
been one of the premier residential and commercial projects in the Houston
metropolitan market. By combining the strengths of Fort Bend and Mitchell
Mortgage Company, we anticipate being able to provide superior services to this
area" he concluded.
The Woodlands is a 25,000-acre community located 27 miles north of downtown
Houston. Open for 22 years, The Woodlands is home to 46,000 people and more than
700 companies that provide 16,500 jobs within the community. With new homes
priced from the $90's to more than $1 million, The Woodlands has been number one
in new home sales in the region since 1990.
Fort Bend Holding Corp. reported total assets of $254.7 million, deposits of
$204.9 million, and stockholders equity of $18.0 million as of June 30, 1996.
Fort Bend Holding Corp.'s stock is traded on the Nasdaq National Market under
the symbol "FBHC".
