ABILENE, Texas, June 1, 2015 /PRNewswire/ -- First Financial Bankshares, Inc. FFIN today announced that its wholly owned subsidiary, First Financial Bank, N.A., has completed an asset purchase with 4Trust Mortgage, Inc. (4Trust), for a purchase price of $1.9 million in cash.
4Trust is a residential mortgage loan origination company that has been serving customers in the Dallas/Ft. Worth area for 15 years. They currently have three offices located in Fort Worth, Dallas and North Richland Hills, Texas. In 2014, 4Trust originated approximately $175 million in residential mortgage loans that were subsequently sold in the secondary market.
"We are so happy to now have the 4Trust team on board," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares and First Financial Bank, N.A. "Having built one of the top mortgage companies in Dallas/Fort Worth, the 4Trust team brings to First Financial a tremendous amount of experience and expertise along with a very loyal customer base. With the leadership of Troy Fore, who will now oversee all of the First Financial's mortgage lending operations, we believe our mortgage division will make an even more significant contribution to the bottom line."
"We are very excited about being part of the First Financial family," said Troy Fore, Former President and CEO of 4Trust. "Joining with First Financial will expand the products and services, including interim construction loans and a number of other in-house mortgage lending products. But most importantly, we share the same commitment to providing our customers with excellent service while assisting them in making well-informed home buying decisions."
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates 12 banking regions with 62 locations in Texas including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Decatur, Eastland, Fort Worth, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Mauriceville, Merkel, Midlothian, Mineral Wells, Moran, New Waverly, Newton, Odessa, Orange, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Trent, Trophy Club, Vidor, Waxahachie, Weatherford and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with eight locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial Bankshares, please visit our website at http://www.ffin.com.
Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect", "plan", "anticipate", "target", "forecast" and "goal". Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents/Filings" on the Company's Web site or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-financial-bank-na-completes-acquisition-of-4trust-mortgage-inc-300091625.html
SOURCE First Financial Bankshares, Inc.
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