First Financial Bankshares To Acquire The First State Bank

Abilene, Texas-based First Financial Bankshares Inc. has entered into a definitive agreement to acquire Sam Houston Financial Corp., the parent company of The First State Bank, based in Huntsville, Texas, for an expected combination cash and stock purchase price of $22.2 million. Pending regulatory approval, the acquisition is expected to be finalized in the fourth quarter of this year.

‘This merger is consistent with our company's growth strategy of acquiring well-run community banks in Texas, one of the largest and fastest-growing states in the nation,’ F. Scott Dueser, chairman, president and CEO of First Financial Bankshares, says.

Upon completion of the acquisition, First Financial Bankshares will operate 11 separately chartered community banks with 52 locations in the state.

‘We will soon be able to offer an expanded array of depository products, instant-issue custom debit cards, a larger lending capacity, mortgage lending and trust services,’ adds James Baine, CEO of The First State Bank.

As of Aug. 31, First State Bank had total assets of $164.2 million and total deposits of $147.1 million.

SOURCE: First Financial Bankshares


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