For release Thursday, October 26, 2000 --The Board of Directors of First Financial Bankshares, Inc. today named F. Scott Dueser to succeed Kenneth T. Murphy as President and Chief Executive Officer of the Company effective January 1, 2001. Murphy will continue to be active in Company management as Chairman of the Board of Directors and the Executive Committee.
Board member Raymond McDaniel, Jr. stated, "We are fortunate that Ken can now give his full attention to growing the holding company through mergers and acquisitions. He has an enormously successful track record in that area already. Since he and Scott have worked together for 24 years, the Board is confident that this will be a seamless transition in the daily management duties to Scott."
"I have worked closely with Scott for more than two decades. His leadership ability is a natural progression for the continued growth of First Financial Bankshares," Murphy said. "This change will enable me to have more time to pursue strategic growth opportunities for the Company and it provides a smooth transition to the next generation of Company leadership."
Dueser will continue to serve as President and Chief Executive Officer of First National Bank of Abilene, the Company's lead bank. He began his career with First National as a management trainee in 1976, was named the Bank's President in 1991 and its Chief Executive Officer in 1993. Dueser has served as a Director of First Financial Bankshares since 1991 and was named Executive Vice President of the Company in 1999. On a statewide level, Dueser is Chairman-elect of the Texas Bankers Association.
"Our Company structure is unique. It is a family of community banks configured to meet the needs of each market area," Dueser said. "Under the direction of Ken Murphy, the Company has increased assets over one billion dollars and profits have risen five-fold, creating record 1999 income of $25.7 million for our shareholders. I look forward to the challenges of guiding our Company as we begin a new century and continuing Ken's stellar performance."
Murphy joined First National Bank of Abilene in 1971 as Executive Vice President. He was named President of the Bank in 1975 and its Chief Executive Officer in 1981. In 1985, he was named President and Chief Executive Officer of First Financial Bankshares, Inc. and assumed responsibility as Chairman of the Board in 1986. In December 1999, his banking peers elected Murphy to a three-year term as a Director of the Federal Reserve Bank of Dallas.
First Financial Bankshares, Inc. is the parent company of nine Texas banks, which include First National Bank of Abilene; First National Bank in Cleburne; Eastland National Bank; Hereford State Bank; San Angelo National Bank; Texas National Bank, Southlake; Stephenville Bank & Trust Co.; First National Bank, Sweetwater; and Weatherford National Bank. Stock of the Company is traded on The Nasdaq Stock Market under the trading symbol FFIN.