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First Financial Bankshares To Acquire Conroe Bank

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First Financial Bankshares, Inc. (NASDAQ: FFIN) today announced that it has entered into a definitive agreement to acquire FBC Bancshares, Inc. and its wholly-owned subsidiary, First Bank, N.A., Conroe, Texas. Subject to the terms and conditions of the definitive agreement, First Financial Bankshares anticipates that the acquisition consideration will consist solely of First Financial Bankshares common stock totaling $59.0 million. Pending regulatory and shareholder approval, the acquisition is expected to be finalized in the second quarter of 2015.

The acquisition of First Bank expands First Financial Bankshares' growing Texas footprint into the cities of Conroe, Magnolia, Montgomery, Cut and Shoot, Willis and The Woodlands, Texas. It also includes a branch in Huntsville where First Financial has a current branch. The eight locations are located in and service the broader areas of Montgomery, Harris and Walker Counties, all located north of Houston along Interstate 45.

"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. "First Bank is a well-managed bank that has experienced solid growth in assets and earnings and has excellent growth potential in the Conroe area markets. We are most impressed with their management and board, who share our same values, philosophies and commitment to outstanding customer service.

"This is a very strategic acquisition for our company to strengthen our footprint and name recognition in this high growth area on the I45 corridor, north of Houston, where several large companies are moving. Once this acquisition is completed, we will have banking operations throughout Texas with 70 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 First Bank to the financially strong and growing First Financial Bankshares family," Dueser added.

As of December 31, 2014, First Bank had total assets of $378.1 million, total loans of $259.5 million and total deposits of $342.4 million.

"Joining with First Financial Bankshares will mean new and expanded products and services for our customers and greater opportunities for our employees while allowing us to maintain our focus on serving the Conroe area community and making banking decisions on a local basis," said Sam Baker, President and CEO of First 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, including state-of-the-art mobile banking and treasury management services, a larger lending capacity and trust services."

 

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