Fifty-one former Edinburg-based First National Bank locations opened Sept. 16 under the PlainsCapital Bank brand. Dallas-based PlainsCapital Bank assumed substantially all of the liabilities and purchased substantially all of the assets of First National Bank on Sept. 13. Based on April 19, 2013, balances of First National Bank, PlainsCapital Bank purchased at book value approximately $2.6 billion of assets and assumed approximately $2.4 billion of liabilities, including $1.7 billion of core deposits. The former First National Bank branch locations will be rebranded PlainsCapital Bank.
As a result of this transaction, PlainsCapital Bank will now be in all major Texas markets. The bank gains entrance into the Rio Grande Valley, Houston, Corpus Christi, Laredo and El Paso, among other markets. For former First National Bank customers, banking will be “business as usual” with all the normal banking services available to them, according to a PlainsCapital news release. “We want to welcome customers and employees of Edinburg-based First National Bank to PlainsCapital Bank,” said Alan B. White, chairman of PlainsCapital Bank. “Customers will continue to be able to access their accounts and manage their money at the same branch locations they are accustomed to using.”
PlainsCapital Bank is part of the PlainsCapital Corp. family of companies. PlainsCapital Corp. is a wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH). PlainsCapital started in Lubbock in 1988, and is now based in Dallas. Prior to completion of this transaction, PlainsCapital Bank was the sixth largest bank headquartered in Texas based on deposits. The bank’s footprint consisted of 33 locations in West, Central and South Texas markets of Lubbock, Fort Worth, Dallas, Austin and San Antonio.