ABILENE, Texas, April 8, 2015 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today announced that its wholly owned subsidiary, First Financial Bank, N.A., has entered into an asset purchase agreement with 4Trust Mortgage, Inc. (4Trust) for $1.9 million in cash. The acquisition is expected to be finalized by May 2015.
4Trust is a residential mortgage loan origination company that has been serving customers in the Dallas/Ft. Worth area for 15 years. They currently have three offices located in Fort Worth, Dallas and North Richland Hills, Texas. In 2014, 4Trust originated approximately $175 million in residential mortgage loans that were subsequently sold in the secondary market.
"We are very excited about this opportunity to welcome the 4Trust team into the First Financial family," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares and First Financial Bank, N.A. "For 15 years, 4Trust has been providing exceptional residential mortgage services in the DFW area with a tailored customer service approach that we feel emulates the First Financial service philosophy. 4Trust is one of the top mortgage companies in Fort Worth and will bring us a nice percentage of the market. We are excited to have Troy A. Fore, Jr., Tammie Harding, Kami Graves and Ryan Craig, the owners of 4Trust, and their teams join our First Financial Bank family. Along with this transaction, Troy Fore, President and CEO of 4Trust, will become President of First Financial Mortgage, the mortgage division of First Financial Bank, and as a result, Troy will be in charge of our entire mortgage lending operation throughout the Bank. We are looking forward to having his knowledge and expertise to build an even stronger mortgage lending operation."
Fore has over 35 years of mortgage banking experience, beginning work as a high school student for Jean Fore Mortgage, his mother's mortgage company in Shreveport, Louisiana. In 1985, he earned a Bachelors and Masters of Business Administration from Baylor University. Over the course of his career, Fore has worked for Lomas & Nettleton, Great Western Mortgage, I.C.A Mortgage, Bank One Mortgage, and Frost Mortgage Services. Partnering with top loan originators Jean Dees, Tammie Harding and Kami Graves, Fore launched 4Trust Mortgage in July of 2000. Fore is a member of the National Mortgage Bankers Association, Texas Mortgage Bankers Association, Fort Worth Mortgage Bankers Association, Fort Worth Board of Realtors and is the past President of Fort Worth Mortgage Bankers Association, as well as having served on the board of the Fort Worth Women's Haven.
"We will continue to offer the same caring and friendly approach. All customers are valued and our people are committed to service excellence while assisting in making well-informed home buying decisions. Joining with First Financial will mean expanded products and services, including interim construction loans and a number of other in-house mortgage lending products," said Troy Fore, President and CEO of 4Trust.
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates 12 banking regions with 62 locations in Texas including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Decatur, Eastland, Fort Worth, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Mauriceville, Merkel, Midlothian, Mineral Wells, Moran, New Waverly, Newton, Odessa, Orange, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Trent, Trophy Club, Vidor, Waxahachie, Weatherford and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with eight locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial Bankshares, please visit our website 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 otherwise.
SOURCE First Financial Bankshares, Inc.