Texas Regional Bancshares Inc., McAllen, Texas, has agreed in principle to acquire Valley Mortgage Co., also of McAllen, in a cash/stock transaction valued at approximately $13.63 million.Texas Regional said up to 50% of the consideration will be paid in cash, and the balance in newly issued common stock of Texas Regional. The company said Valley Mortgage is a full-service mortgage banking firm that reported total assets of $22.5 million for the fiscal year ended Aug. 31, 2003. Paul Schwab, Valley Mortgage's president and chief executive officer, and his professional staff are expected to remain in their present positions, Texas Regional said. Texas Regional can be found on the Web at http://www.trbsinc.com.
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