ABILENE, Texas, Dec. 1 /PRNewswire-FirstCall/ -- First Financial
Bankshares, Inc. (Nasdaq: FFIN) today announced that it has completed the
acquisition of Bridgeport Financial Corporation, the parent company of The
First National Bank of Bridgeport, with banking offices in Bridgeport, Boyd
and Decatur. As previously announced, The First National Bank of Bridgeport
will be combined with First Financial Bank, N.A., Southlake, to form a
$250 million bank serving Wise County and northern Tarrant County.
First Financial Bankshares acquired Bridgeport Financial Corporation for
the cash purchase price of $20.3 million plus the assumption of $5.5 million
in debt and trust preferred securities. As of November 30, 2005, The First
National Bank of Bridgeport had total assets of $145.5 million.
"We welcome the employees and customers of The First National Bank of
Bridgeport to the First Financial Bankshares' family," said F. Scott Dueser,
President and CEO. "Wise County is an attractive, rapidly growing market that
fits our acquisition profile and adds to our growing footprint of community
banks within a 50-mile radius of the Dallas/Fort Worth metroplex. We are
excited to be a part of these great communities."
Billie C. Green, Chairman, President and CEO of The First National Bank of
Bridgeport, said the newly combined bank will benefit customers, employees and
"First Financial offers our customers the expanded services and products
of a larger bank while maintaining a strong commitment to involvement with the
local community," Green said. "Our customers will continue to deal with the
same friendly, local employees that they've come to expect since The First
National Bank of Bridgeport was founded nearly a century ago."
Headquartered in Abilene, Texas, First Financial Bankshares is a financial
holding company that operates ten separately chartered banks with 44 locations
in Texas, a trust company and a technology operating company. These
subsidiaries are First Financial Bank, N.A., Abilene, Clyde and Moran; First
Financial Bank, N.A., Eastland, Ranger and Rising Star; First Financial Bank,
N.A., Cleburne, Burleson, Alvarado and Midlothian; Hereford State Bank,
Hereford; City National Bank, Mineral Wells; San Angelo National Bank, San
Angelo; First Financial Bank, N.A., Southlake, Trophy Club, Keller,
Bridgeport, Boyd and Decatur; First Financial Bank, N.A., Stephenville,
Granbury and Glen Rose; First National Bank, Sweetwater, Roby and Trent;
Weatherford National Bank, Weatherford, Willow Park and Aledo; First Financial
Trust & Asset Management Company, N.A.; and First Technology Services, Inc.
The Company is listed on The Nasdaq Stock Market under the trading symbol
FFIN. For more information about First Financial Bankshares, please visit our
Web site at http://www.ffin.com .
Certain statements contained herein may be considered "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of
1995. These statements are based upon the belief of the Company's management,
as well as assumptions made beyond information currently available to the
Company's management, and may be, but not necessarily are, identified by such
words as "expect", "plan", "anticipate", "target", "forecast" and "goal".
Because such "forward-looking statements" are subject to risks and
uncertainties, actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause actual
results to differ materially from the Company's expectations include
competition from other financial institutions and financial holding companies;
the effects of and changes in trade, monetary and fiscal policies and laws,
including interest rate policies of the Federal Reserve Board; changes in the
demand for loans; fluctuations in value of collateral and loan reserves;
inflation, interest rate, market and monetary fluctuations; changes in
consumer spending, borrowing and savings habits; and acquisitions and
integration of acquired businesses, and similar variables. Other key risks
are described in the Company's reports filed with the Securities and Exchange
Commission, which may be obtained under "Investor Relations-Documents/Filings"
on the Company's Web site or by writing or calling the Company at
325.627.7155. Except as otherwise stated in this news announcement, the
Company does not undertake any obligation to update publicly or revise any
forward-looking statements because of new information, future events or
SOURCE First Financial Bankshares, Inc.