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First Financial Completes Acquisition of TB&T Bancshares

Zacks Equity Research

First Financial Bankshares FFIN announced that it has completed the acquisition of TB&T Bancshares, Inc. and its wholly-owned subsidiary, The Bank & Trust of Bryan/College Station, effective Jan 1, 2020. The deal was announced in September 2019.

Based in Abilene, TX, First Financial now has operations in about 78 locations that extends from Hereford in the Panhandle to Orange in southeast Texas.

F. Scott Dueser, Chairman, President and CEO of First Financial said, "This well-managed, high performing bank in the high growth Bryan/College Station market will be an excellent addition to our Company."

Terms of the Deal

First Financial issued 6.3 million shares of its common stock to shareholders of TB&T Bancshares valuing about $220.3 million.

Also, during the pre-closing period, TB&T Bancshares paid special dividends totaling $2 million.

The Bank & Trust of Bryan/College Station had total assets of nearly $631.1 million, total loans of about $455.4 million and total deposits of approximately $551.9 million, as of Dec 31, 2019. Addition of these to First Financial’s balance sheet will bolster its financial position.

Bottom Line

First Financial’s strong balance sheet position supports such inorganic moves. In addition to helping the company in expanding presence in Texas, the deal will diversify its sources of revenues. Previously, in January 2018, the company acquired Commercial Bancshares. The deal helped it strengthen footprint, especially in the high growth area around Houston.

Shares of First Financial have gained 15.6% over the past six months, outperforming 8% growth for the industry it belongs to.

Currently, the stock carries a Zacks Rank #2 (Buy).

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TD Ameritrade Holding Corporation AMTD share price has surged 49.9% in three months’ time. Further, the company’s earnings estimates for the ongoing year have moved nearly 1% north in the past 30 days. The stock flaunts a Zacks Rank of 1, currently.

E*TRADE Financial Corporation ETFC shares have gained 26.6% in the past three months. In addition, this Zacks Rank #2 company’s earnings estimates for 2019 have moved up slightly in 30 days’ time.

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Barclays PLC (BCS) : Free Stock Analysis Report
 
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