First Financial Bankshares has entered into a definitive agreement to acquire Sam Houston Financial, the parent company of Texas-based The First State Bank, for an expected combination cash and stock purchase price of $22.2m.
The acquisition expands First Financial Bankshares’ growing Texas footprint into Huntsville, Texas, county seat of Walker County.
First Financial Bankshares chairman, president and CEO Scott Dueser said that when this acquisition is complete, the bank will operate a total of 11 separately chartered community banks with 52 locations in Texas that span from Hereford in the Panhandle to Huntsville in Southeast Texas.
The First State Bank CEO James Baine said that the bank will soon be able to offer an expanded array of depository products, instant issue custom debit cards, a larger lending capacity, mortgage lending and trust services.
However, the transaction is pending for regulatory approval, and is expected to be finalized in the fourth quarter 2010.