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First Financial snags TB&T
Posted on Friday, 20 September 2019 13:18
First Financial Bankshares is acquiring TB&T Bancshares, the holding company of Bank & Trust of Bryan/College Station, Texas, for USD 190.00 million to extend its Texan footprint into the Bryan/College Station market.
The all-scrip deal, based on a price of USD 30.28 apiece, is expected to complete in the first quarter of 2020.
As of 30th June 2019, TB&T had total assets of USD 624.50 million, total loans of USD 445.60 million and total deposits of USD 538.20 million.
The lender will expand First Financial’s growing Texas footprint with five branches in Bryan and College Station, the home of Texas A&M University, with more than 60,000 students and one of the largest universities in the US.
According to the statement, this community also hosts Blinn College with more than 12,000 students and the new Rellis Academic Alliance, which is a partnership between Blinn and Texas A&M.
First Financial expects this high-growth college community will continue to expand on the back of the higher education influence and all the related businesses with it.
Chairman, president and chief executive F Scott Dueser said: "This is a very strategic acquisition for our company moving into the expanding Bryan/College Station market.
“Once this acquisition is complete, we will have banking operations throughout Texas with 78 locations that span from Hereford in the Panhandle to Orange in southeast Texas.”
Dueser told Abilene Reporter News: "They run a great bank. They're number four in the market.”
The last time First Financial made an acquisition was January 2018 when it completed the takeover of Commercial Bancshares, and its wholly-owned subsidiary, Commercial State Bank, to expand its market share around Houston.
Its deal for TB&T is the 22nd largest-ever purchase of a bank headquartered in Texas, according to Zephyr, the M&A database published by Bureau van Dijk.
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