Austin Bank takes control of City National Bank Feb. 15

Austin Bank officials have received governmental consent to acquire City National Bank.

Jeff Austin III, vice chairman of the board for Jacksonvilleheadquartered Austin Bank, in November announced his institution's plans to take over City National. The closing date is Feb. 15.

Customers will be able to continue banking at all existing locations in Kilgore, Gladewater and Longview while having access to other Austin Bank locations in East Texas.

The acquisition will allow City National customers advances in technology, online banking, bill pay and other products, along with more locations, according to Austin.

Changeover to Austin Bank's computer system, the installation of signs and other switches are scheduled to take place over Presidents Day long-weekend, Feb. 16 through 18.

The purchase creates a bank with combined assets of $970 million and 28 East Texas locations for Austin Bank.

Federal approval came from the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.

Upon the finalization of the purchase, Kent Bryson will take over as president of the former City National Bank in Kilgore. Bryson joined Austin Bank in November 2005. He has more than 28 years of experience in banking.