Texas-based First Financial Bankshares completed its acquisition of Commercial Bancshares and its wholly-owned subsidiary, Commercial State Bank, effective January 1, 2018. This brings First Financial’s total number of locations to 73, spanning all across Texas,
In accordance with the terms of the definitive agreement, First Financial issued 1,289,371 shares of First Financial common stock, with an approximate value of $59.4 million, to the shareholders of Commercial Bancshares. In addition, prior to closing, Commercial Bankshares paid a special dividend to its shareholders totaling $22.3 million.
As of December 31, 2017, Commercial State Bank had total assets of approximately $390.2 million, total loans of approximately $271.5 million and total deposits of approximately $345.9 million.
“We are excited to welcome the Commercial State Bank team into the First Financial family,” said F. Scott Dueser, chairman, president and CEO of First Financial. “They are an excellent addition to our footprint especially in the high growth area around Houston.”
“With its larger size and successful track record, First Financial offers our customers new and expanded services and creates more opportunity for our employees,” said Harry J. Brooks, chairman and CEO of Commercial State Bank. “Our customers will continue to see the same friendly, local employees and the same strong commitment to the local community. At the same time, we will be able to offer a broader range of banking products and services.”
