ABILENE, Texas, Oct. 25 /PRNewswire-FirstCall/ -- First Financial
Bankshares, Inc. (Nasdaq: FFIN) has entered into a definitive agreement to
acquire Clyde Financial Corporation, the parent company of The Peoples State
Bank in Clyde, Texas, for an expected cash purchase price of $25.4 million.
The transaction is expected to be finalized in either late December or early
in the first quarter of 2005, subject to regulatory approval.
"We have enjoyed a long-term relationship with The Peoples State Bank and
have the greatest respect for Doug Ford and his staff," said F. Scott Dueser,
President and Chief Executive Officer of First Financial Bankshares. "We look
forward to them becoming part of our family and fully anticipate the
management of the bank to continue in their present positions. This is a
merger that will provide expanded opportunities for both the customers and
employees of The Peoples State Bank. At the same time, it continues First
Financial's pattern of steady growth through careful acquisitions of
established, well-run community banks in our targeted areas in Texas."
"Our relationship with First Financial spans nearly four decades," said
Doug Ford, Chairman and Chief Executive Officer of The Peoples State Bank.
"We have great respect for their commitment to locally managed community
banking and outstanding customer service. Our bank will continue to have the
same friendly people and the same strong commitment to our local communities;
however, we will now be able to offer enhanced services, including expanded
lending capability, trust services and the latest in technology."
As of June 30, 2004, The Peoples State Bank had total assets of
$113.3 million and shareholder's equity of $12.7 million. Clyde is a suburban
community in Callahan County, 12 miles east of Abilene. The Peoples State
Bank has four offices, one each in Clyde, Ranger, Rising Star and Moran.
The Peoples State Bank is the third announced acquisition for First
Financial Bankshares this year. The Company completed the acquisition of
Liberty National Bank in Granbury in July 2004 and announced plans to acquire
First National Bank, Glen Rose, in September. The Glen Rose acquisition is
expected to be finalized during the fourth quarter, pending regulatory
approval.
Headquartered in Abilene, Texas, First Financial Bankshares is a financial
holding company with consolidated assets totaling $2.2 billion operating
eleven separately chartered banks with 29 locations in Texas, a trust company
and a technology operating company. These subsidiaries are First National
Bank of Abilene, Abilene; Eastland National Bank, Eastland; First Financial
Bank, N.A., Cleburne; Liberty National Bank, Granbury; Hereford State Bank,
Hereford; City National Bank, Mineral Wells; San Angelo National Bank, San
Angelo; First Financial Bank, N.A., Southlake; Stephenville Bank & Trust
Co., Stephenville; First National Bank, Sweetwater; Weatherford National
Bank, Weatherford; First Financial Trust & Asset Management Company, N.A.; and
First Technology Services, Inc.
The Company is listed on The Nasdaq Stock Market under the trading symbol
FFIN. For more information about First Financial Bankshares, access their Web
site 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.
SOURCE First Financial Bankshares, Inc.
-0- 10/25/2004
/CONTACT: F. Scott Dueser, President and CEO of First Financial
Bankshares, Inc., +1-325-627-7155/
/Web site: http://www.ffin.com /
(FFIN)
CO: First Financial Bankshares, Inc.; Clyde Financial Corporation; Peoples
State Bank
ST: Texas
IN: FIN
SU: TNM
AH-AP
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3534 10/25/200415:00 EDThttp://www.prnewswire.com