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August 2, 2012
Longview, Texas--Texas Bank and Trust has announced the signing of a definitive agreement to acquire the First National Bank of Canton, Texas, and its branch in Forney, Texas. Texas Bank and Trust had total assets of $1.5 billion and First National Bank had total assets of $125 million as of July 31, 2012. Upon completion of the acquisition, First National Bank will operate as a branch of Texas Bank and Trust. The acquisition is subject to regulatory approval and is expected to close in the fourth quarter of 2012.
Both Texas Bank and Trust and First National Bank have been awarded the highest 5-star superior rating by Bauer Financial, Inc., one of the nation’s premier rating agencies. In addition, Texas Bank and Trust has been recognized by Bankrate.com as one of only 33 banks in the nation and one of only five banks in Texas to receive its highest rating for banks with total assets between $1 billion and $5 billion.
Rogers Pope, chairman and CEO of Texas Bank and Trust, stated that this acquisition is a perfect fit with its footprint along the Eastern section of the I-20/Highway 80 corridor. “With the addition of First National Bank of Canton, we will have branches from Marshall on the East to Forney on the West,” Pope said. Along this corridor, Texas Bank and Trust has branches in Longview, Gladewater, Tyler, Van, and Terrell and affiliate banks in Overton and Lindale. It also has branches in Cushing and San Augustine.
Ben Shirey, II, president of First National Bank, will remain with Texas Bank and Trust as Canton market president. Pope said he and Shirey have been friends for over 35 years, since Shirey began his banking career at the First State Bank of Overton. Pope said, “Ben is a proven, outstanding banker, and we are honored to have him on our team. We look forward to his continuing leadership in the Canton and Forney markets.”
Shirey expressed the excitement he and his staff are experiencing in connection with the merger. “This association with an East Texas based bank, with $1.5 billion in assets, affords us the capability to offer our customers expanded products and services. We are particularly pleased to extend brokerage and trust services to our customers, and to offer the convenience of multiple bank locations in nearby communities such as Tyler, Longview, Van, and Terrell to our present and future customers. Texas Bank and Trust has a long history as one of the premier independent banks in Texas, and their ‘service first’ attitude blends perfectly with our philosophy of ’doing our best’ for our customers.”