First National Bank of Wichita Falls and First State Bank of Chico jointly announced the completion of First National Bank’s acquisition of First State Bank, which became effective at 6:01 p.m. April 10.
With the acquisition, First National Bank has more than $775 million in total assets and increases its footprint to include the Texas cities of Chico, Bridgeport, Paradise and Runaway Bay, in addition to its existing locations in Wichita Falls, Southlake, Fort Worth, Mansfield, Plano and Brownwood.
The merger represents a strategic, cultural, and financial fit between two North Texas financial institutions and bolsters First National Bank’s North Central Texas presence, the bank said in a news release.
The combined bank will operate as First National Bank, with the former First State Bank locations noted as “First State Bank, a division of First National Bank” until early 2021.
“The completion of this acquisition marks an exciting time for us all. The uniting of two well-established banks allows us to expand our geographical footprint, to add talented staff to our team, and to provide long term valued relationships to our growing bank,” said Cindy Campbell, president and CEO of First National Bank.
“It is a true testament to the staff of both First National Bank and First State Bank that we were able to complete this deal in the midst of unprecedented times,” Campbell said.
Steve Holt, former First State Bank CEO is the new Regional President of First National Bank.
“Our team is excited to become a part of the First National Bank family,” Holt said in the announcement.
“I believe First National is an ideal fit with our culture as a relationship-driven community bank. This new venture will allow us to provide customers with the best product selection, convenience, and exceptional service from people they know and trust,” Holt said.
John Gosser Sr. of Griffin Financial Group LLC acted as financial advisor to First National Bank. Robert Flowers and Nate Van Emon of Stinson LLP served as legal counsel for First National Bank. Clark Locke and Joe Morton of Hillworth LLC acted as financial advisor to First State Bank and delivered a fairness opinion to its board of directors. Derek McGee of Fenimore, Kay, Harrison and Ford LLP and Larry Temple served as legal counsel for First State Bank.
– FWBP Staff