Feb 25 - First Financial Bankshares Inc. (NASDAQ: FFIN) has entered into a definitive agreement to acquire Orange Savings Bank, SSB for an expected combination of cash and stock purchase price of approximately $56 million. Pending regulatory and shareholder approval, the acquisition is expected to be finalized in the second quarter of 2013.
The acquisition of Orange Savings Bank expands First Financial Bankshares' growing Texas footprint into the cities of Orange, Port Arthur, Vidor, Mauriceville and Newton, Texas. These six locations are located and service the broader areas of Orange, Jefferson and Newton Counties, all within southeast Texas, approximately 100 miles east of Houston along Interstate 10.
"We are very excited about this opportunity to expand our company into this vibrant region of Texas," said F. Scott Dueser, chairman, president and CEO of First Financial Bankshares. "Orange Savings Bank has experienced solid growth in assets and earnings, is the number one bank in its home market of Orange County with a 40 percent deposit market share, and has excellent growth potential in the Beaumont/Port Arthur markets. We are most impressed with their management and board, who share our same values, philosophies and commitment to outstanding customer service."
"Once this acquisition is completed, we will have banking operations in 12 regions of Texas with 61 locations that span from Hereford in the Panhandle to Orange in southeast Texas. We welcome this opportunity to bring our expanded banking and wealth management services to this new market by adding Orange Saving Bank to the financially strong and growing First Financial Bankshares' family," Dueser added.
As of Dec. 31, 2012, Orange Savings Bank had total assets of $442.83 million, total loans of $295.86 million and total deposits of $381.12 million.
"Joining with First Financial Bankshares will mean new and expanded products and services for our customers and greater opportunity for our employees while allowing us to maintain our focus on serving the local community and making banking decisions on a local basis," said Stephen Lee, president and CEO of Orange Savings Bank. "Our bank will continue to have the same friendly people and the same commitment to being involved in the community, but with the added resources of a highly respected, larger banking organization. We will soon be able to offer an expanded array of depository products, instant issue custom debit cards, a larger lending capacity and trust services."
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates 11 banking regions with 55 locations in Texas including Abilene, Acton, Albany, Aledo, Alvarado, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Crowley, Decatur, Eastland, Fort Worth, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Merkel, Midlothian, Mineral Wells, Moran, Odessa, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Trent, Trophy Club, Waxahachie, Weatherford and Willow Park. The company also operates First Financial Trust & Asset Management Company, N.A., with six locations and First Technology Services Inc., a technology operating company.