WICHITA FALLS, Texas, Dec. 17, 2019 /PRNewswire/ -- First National Bank, a community based bank with locations across four counties in North Texas and its holding company, Wichita Falls Bancshares, Inc., announced today the signing of a definitive agreement to acquire Chico Bancorp, Inc. and its wholly owned subsidiary, First State Bank which serves four locations in Wise County. The agreement has been unanimously approved by the directors of both entities' Boards of Directors and is expected to close in the first quarter of 2020.
This acquisition is an expansion of First National Bank's current market presence and will enhance First State Bank's presence and product offerings to its holders of almost 10,000 accounts in Wise County and the surrounding area. First National Bank will continue its emphasis on growth with a commitment to providing quality financial services that are safe, secure, and competitive with uncompromised integrity to its account holders and to the communities it serves.
Cindy Campbell, President and CEO of First National Bank expressed: "The relationship we have built with First State Bank leading up to joining our organization has been one we are excited to have developed. First National Bank's acquisition of First State Bank is the first in our 33-year history and we are pleased to have found such a complementary fit. Together we will be more than $700 million in assets. United, we are strategically positioned to better compete in our markets while continuing our growth strategy. We are genuinely looking forward to working with the First State Bank team to get to know its staff, customers and the communities they serve."
Steve Holt, President and CEO of First State Bank noted: "This merger will improve our ability to service our customers and the demands of a rapidly growing community, while maintaining our commitment to our employees and those we serve. The mutual approach to banking, the respect and gratitude for our customers who trust in both institutions for their financial needs, makes this a positive relationship for all of us. We welcome First National Bank to our community as we carry on the tradition of relationships."
The merger is subject to customary closing conditions, including the receipt of regulatory and Chico shareholder approvals.
John Gosser of Griffin Financial Group LLC served as financial advisor and Robert Flowers of Fenimore Kay Harrison Ford, LLP served as legal advisor to Wichita Falls Bancshares in the transaction. Hillworth, LLC acted as financial advisor and Larry Temple acted as legal advisor to Chico Bancorp.
SOURCE Wichita Falls Bancshares, Inc.