ABILENE, Texas, Jan. 2, 2018 /PRNewswire/ -- First Financial
Bankshares, Inc. (NASDAQ: FFIN) ("First Financial" or the
"Company") announced today that it has completed the acquisition of
Commercial Bancshares, Inc. and its wholly-owned subsidiary,
Commercial State Bank, Kingwood,
Texas, effective January 1,
2018. First Financial's banking operations now include 73
locations that span from Hereford
in the Panhandle to Orange in southeast Texas.
In accordance with the terms of the definitive agreement, First
Financial issued 1,289,371 shares of First Financial common stock,
with an approximate value of $59.4
million, to the shareholders of Commercial Bancshares, Inc.
In addition, prior to closing, Commercial Bankshares, Inc. paid a
special dividend to its shareholders totaling $22.3 million in accordance with the definitive
agreement. As of December 31, 2017,
Commercial State Bank had total assets of approximately
$390.2 million, total loans of
approximately $271.5 million and
total deposits of approximately $345.9
million.
"We are excited to welcome the Commercial State Bank team into
the First Financial family," said F. Scott
Dueser, Chairman, President and CEO of First
Financial. "We are most impressed with the employees,
officers, management and board of this quality bank, who share our
same values, philosophies and commitment to outstanding customer
service. They are an excellent addition to our footprint especially
in the high growth area around Houston."
"With its larger size and successful track record, First
Financial offers our customers new and expanded services and
creates more opportunity for our employees," said Harry J. Brooks, Chairman and CEO of Commercial
State Bank. "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, state-of-the-art mobile banking and treasury
management services, a larger lending capacity and trust
services."
About First Financial
Headquartered in Abilene,
Texas, First Financial is a financial holding company that
through its subsidiary, First Financial Bank, N.A., operates
multiple banking regions with 73 locations in Texas, following the close of this
acquisition, including Abilene,
Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El
Campo, Fort Worth,
Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral
Wells, Montgomery,
Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port
Arthur, Ranger, Rising
Star, Roby, San Angelo, Southlake,
Stephenville, Sweetwater,
Tomball, Trent, Trophy
Club, Vidor, Waxahachie, Weatherford, Willis, and Willow
Park. The Company also operates First Financial Trust &
Asset Management Company, N.A., with seven 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, 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.
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SOURCE First Financial Bankshares, Inc.