Spirit of Texas Bancshares, Inc. (NASDAQ: STXB), the holding company for Spirit of Texas Bank, today announced that the Bank has entered into a Branch Purchase and Assumption Agreement to sell its Clear Lake, Texas branch to Moody National Bank of Galveston, Texas.

Dean O. Bass, Spirit's Chairman and Chief Executive Officer, stated, "We are pleased to announce that we have entered into an agreement to sell our Clear Lake banking office to Moody National Bank, as we seek to optimize our branch footprint in furtherance of our continued effort to diligently focus on reducing expenses. Moody will obtain a book of business that they can successfully build on in the Moody tradition."

Under the terms of the Branch Purchase and Assumption Agreement, Moody will assume certain deposit liabilities and acquire certain assets, including cash, personal property and other assets, associated with the Branch. Subject to the customary regulatory approval, the transaction is expected to close in the fourth quarter of 2020. Customers of the Branch will receive additional information regarding the sale in the near future. As of June 30, 2020, the deposit balances at the Branch (excluding certain deposits not subject to the transaction) were approximately $26 million.

Victor Pierson, Chairman, President and Chief Executive Officer of Moody National Bank, stated, "We are excited about the opportunity to expand our footprint in the Clear Lake / NASA area. We also look forward to the Spirit bankers at the branch joining our team, as they continue to provide the excellent products and customer service to the Clear Lake community. We have the highest respect for Dean and his team at Spirit and appreciate the opportunity to work with them on this transaction."

About Spirit of Texas Bancshares, Inc.

Spirit of Texas Bancshares, Inc., through its wholly-owned subsidiary, Spirit of Texas Bank, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Spirit of Texas Bank has 41 locations in the Houston, Dallas/Fort Worth, Bryan/College Station, Austin, San Antonio-New Braunfels, Corpus Christi and Tyler metropolitan areas, along with offices in North Central and South Texas. Please visit www.sotb.com for more information.