First Financial Bankshares, Inc. (NASDAQ: FFIN) (“First Financial” or the “Company”) announced today that it has completed the acquisition of TB&T Bancshares, Inc. and its wholly owned subsidiary, The Bank & Trust of Bryan/College Station, Texas, effective January 1, 2020. First Financial’s banking operations now include 78 locations that span from Hereford in the Panhandle to Orange in southeast Texas.
In accordance with the terms of the definitive agreement, First Financial issued approximately 6.3 million shares of First Financial common stock, with an approximate value of $220.3 million, to the shareholders of TB&T Bancshares, Inc. In addition, prior to closing, TB&T Bancshares, Inc. paid a special dividend to its shareholders totaling approximately $2.0 million in accordance with the definitive agreement. The purchase price was originally established based on a $30.28 price per share of First Financial’s common stock and totaled $190 million as of the close of business on the day both parties agreed to pricing. As of December 31, 2019, The Bank & Trust of Bryan/College Station had total assets of approximately $631.1 million, total loans of approximately $455.4 million and total deposits of approximately $551.9 million.
“We are excited to welcome the TB&T team into the First Financial family,” said F. Scott Dueser, Chairman, President and CEO of First Financial. “This well-managed, high performing bank in the high growth Bryan/College Station market will be an excellent addition to our Company. We are most impressed with the employees, officers, management and board of this quality bank, who share our same values, philosophies and commitment to outstanding customer service.”
“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 Timothy N. Bryan, Chairman and CEO of The Bank & Trust of Bryan/College Station. “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 including expanded depository products, state-of-the-art mobile banking and treasury management services, a larger lending capacity and trust services.”
