ABILENE,
Texas, Oct. 11, 2023 /PRNewswire/ -- First
Financial Bankshares, Inc. (NASDAQ: FFIN) ("First Financial" or the
"Company") announced that its subsidiaries, First Financial Bank,
N.A. and First Financial Trust and Asset Management Company, N.A.
(the "Trust Company"), have each filed applications with the Texas
Department of Banking to convert to a Texas state banking association and a
Texas chartered trust company,
respectively. The Bank has been a national bank since its inception
in 1890 and the Trust Company has been a national trust company
since its inception in 2003. The Bank and the Trust Company filed
their applications with the Texas Department of Banking on
September 22, 2023, and October 10, 2023, respectively. The Bank and the
Trust Company expect to complete the conversions, following receipt
of the necessary regulatory approvals, during the fourth quarter of
2023.
"Customers will not notice any difference in the Bank or the
Trust Company following the conversion. We will continue to put the
customer First and to operate under our One
Bank, Twelve Regions Concept," said F. Scott Dueser, Chairman and CEO of First
Financial. "We think the charter conversions, for simplification
reasons, are in the best interest of operating the Company," added
Mr. Dueser. "We still have strong capital levels, plenty of
liquidity and offer the same services and products. We expect the
conversions will lead to better communication with our regulators.
We also anticipate that, as a result of the conversions, we will
have meaningful savings each year based on reduced examination
fees," concluded Mr. Dueser.
Upon completion of the conversion, the Bank will be regulated by
the Texas Department of Banking and the Federal Reserve Bank of
Dallas, rather than the Office of
the Comptroller of the Currency (the "OCC"). Likewise, the Trust
Company will be regulated by the Texas Department of Banking rather
than the OCC. The Bank will retain its FDIC deposit insurance in
connection with its conversion.
About First Financial Bankshares, Inc.
Headquartered in Abilene,
Texas, First Financial Bankshares is a financial holding
company that through its wholly-owned subsidiary, First Financial
Bank, N.A., operates multiple banking regions with 80 locations in
Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan,
Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El
Campo, Fort Worth,
Franklin, Fulshear, Glen
Rose, Granbury,
Grapevine, Hereford, Huntsville, Lumberton, 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,
Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy
Club, Vidor, Waxahachie, Weatherford, Willis, and Willow
Park. The Company also operates First Financial Trust and
Asset Management Company, N.A., with nine 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.
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SOURCE First Financial Bankshares, Inc.