First Financial Bankshares To Buy Conroe Bank

(RTTNews) - First Financial Bankshares, Inc. (FFIN) said Wednesday that it has agreed to buy FBC Bancshares, Inc. and its subsidiary, First Bank, N.A., Conroe, Texas.

First Financial anticipates that the acquisition consideration will consist solely of its common stock totaling $59.0 million.

The acquisition is expected to be finalized in the second quarter of 2015.

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.

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.