The Bank & Trust of Bryan-College Station has been acquired by First Financial Bankshares, according to an announcement made Thursday.
Subject to the terms and conditions of the definitive agreement, the acquisition consideration will consist of First Financial Bankshares common stock totaling about 6.276 million shares. The purchase price was established on a $30.28 price-per-share and totaled $190 million as of the close of business the day the parties agreed to pricing.
Pending regulatory and shareholder approval, the acquisition is expected to be finalized in the first quarter of 2020. Branches of The Bank & Trust will use the First Financial name once the acquisition is complete.
“We have courted The Bank & Trust for a number of years because they are one of the highest rated banks in Texas, have had steady growth and have a solid market share in the Bryan-College Station market,” said F. Scott Dueser, Chairman, president and CEO of First Financial Bankshares.
According to a press release, First Financial was founded in 1890 by Fleming Wills James and John Garland James, who served as Texas A&M’s second president. Additionally, one of First Financial board members in 1910 was Judge K.K. Legett who served as chair of the Texas A&M Board of Regents.
“The founders of our bank were also founders of A&M,” Dueser said. “We have ties back to A&M and to the community.”
The Bank & Trust never sought out a merger, chairman and CEO Tim Bryan said, but about six years ago Dueser approached the company with the idea. While The Bank & Trust initially turned down the offer, Bryan said he is excited about the pending merger.
“First Financial is one of the top performing banks in the country and has been for quite some time,” Bryan said. “First Financial is a first class organization which produces first class results.
“As a part of a larger institution, we will be better able to fund our larger customers’ borrowing needs, provide wealth management for our more affluent customers and additional consumer products,” he added. “It’s a win-win for all of us, our customers and all of Bryan-College Station.”
The merger is not the first in The Bank & Trust’s long history. Many people from The Bank & Trust’s staff originally worked at the First National Bank of Bryan. In the early 2000s, First National Bank of Bryan was sold after Bryan’s family had owned it for 144 years.
Then in 2009, the Texas Enterprise Bank and the Bryan-College Station branches of The Bank and Trust of Del Rio joined to make The Bank & Trust, which became the area’s largest locally owned community bank.
First Financial is a 128-year-old establishment, headquartered in Abilene and has branches in
73 Texas locations, including Fort Worth, Beaumont, Conroe, Odessa, San Angelo, Spring and Stephenville. All banks are divided into 11 separate regions. After the merger, Bryan will become the chairman of the 12th region made up of The Bank & Trust’s five branches. All employees will continue to work at the bank in their same roles following the merger.
“I have been after these guys because they have a great bank and great managers,” Dueser said. “We really feel very strongly about them and the people in this bank are outstanding. We’re excited to be in Bryan-College Station.”