First Financial Bankshares Completes Acquisition of The First State Bank in Huntsville, Texas
ABILENE, Texas, Nov. 1, 2010 /PRNewswire-FirstCall/ -- First Financial Bankshares, Inc. (Nasdaq: FFIN) has completed the acquisition of Sam Houston Financial Corp., parent company of The First State Bank in Huntsville, Texas, making it the eleventh separately chartered community bank in the growing First Financial Bankshares' family of Texas banks.
First Financial Bankshares acquired Sam Houston Financial Corp. for a combination cash and stock purchase price of $22.2 million. As of September 30, 2010, First State had total assets of $162.9 million, total loans of $104.8 million and total deposits of $145.5 million.
"We welcome the opportunity to bring expanded banking and wealth management services to the residents of Huntsville and Walker County and want to extend our warm welcome to the employees and customers of The First State Bank," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares.
James Baine, CEO of The First State Bank, said the acquisition will benefit customers, employees and the community.
"With its larger size and successful track record, First Financial offers our customers new and expanded services and creates more opportunity for our employees," Baine said. "Our customers will continue to see the same friendly, local employees and the same strong commitment to the local community. At the same time, we will be able to offer a broader range of banking products and services including expanded depository products, instant issue custom debit cards, a larger lending capacity, mortgage lending and trust services."
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates 11 separately chartered banks with 52 locations in Texas. The Company was named the top-performing bank in the nation for publicly traded banks with assets of at least $3.0 billion in January 2010 by Bank Director magazine.
In addition to the new Huntsville bank, First Financial Bankshares' bank subsidiaries are First Financial Bank, N.A., Abilene, Albany, Clyde, Moran and Odessa; First Financial Bank, N.A., Eastland, Ranger and Rising Star; First Financial Bank, N.A., Cleburne, Burleson, Alvarado, Midlothian and Crowley; First Financial Bank, Hereford; First Financial Bank, N.A., Mineral Wells; First Financial Bank, N.A., San Angelo; First Financial Bank, N.A., Southlake, Bridgeport, Boyd, Decatur, Keller and Trophy Club; First Financial Bank, N.A., Stephenville, Granbury, Glen Rose and Acton; First Financial Bank, N.A., Sweetwater, Roby, Trent and Merkel; and First Financial Bank, N.A., Weatherford, Willow Park, Aledo, Brock and Fort Worth. The Company also operates First Financial Trust & Asset Management Company, N.A., with six 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.
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