If approved by shareholders and regulatory entities, Independent Bank Group will acquire First Bank Farmersville Sept. 1.

 

The McKinney-based holding company for Independent Bank announced that a definitive agreement has been reached to acquire the bank’s branches in Farmersville, Lavon and Princeton.

 

Independent Bank currently has 25 existing branches throughout Texas.

 

Craig Overstreet, president and CEO of First Bank, said the only changes customers would see would be improved technology.

Some consolidation of employees will also be done, Overstreet said, but it is not known at this time how many or when.

 

First Bank currently has assets of approximately $100 million which will raise Independent Bank Group’s assets to more than $1 billion.

 

Chairman David Brooks stated that the acquisition is another step forward in the board’s desire to continue targeted expansion into growing markets throughout North and Central Texas. 

 

“We are extremely pleased that First Bank’s customers and employees will soon be part of the growing Independent Bank family. This includes Farmersville’s well-known and respected president and CEO Craig Overstreet, who will remain with our organization in a senior position,” Brooks said.

 

Brooks described the combination of the banks as complementary since First Bank is also known as a bank that delivers quality products with strong personal customer service.

 

“Together our community bankers will continue to deliver a wide range of products and services with a unique level of customer care,” Brooks said.

 

First Bank’s Overstreet agreed. “First Bank has worked closely with Independent Bank over the years and this is a natural progression in today’s financial climate. Our board and ownership group are pleased to become a part of a dynamic and well-managed company committed to true community banking. We know Independent Bank will continue our long tradition of

providing investment and leadership in the communities we serve.” 

 

“First Bank’s footprint truly complements Independent Bank’s substantial coverage of North Texas. This merger will enable First Bank’s customers to continue their relationships with local bankers they have come to know and trust, while providing access to an even broader array of financial services, increased loan limits and expanded financing capabilities,” Brooks said.

 

Brooks also served as the chairman and CEO of First Bank from 1987- 1993. 

 

Both Independent Bank (1913) and First Bank (1885) are known for longevity in their respective markets, having served area residents for approximately 100 years. 

 

A definitive agreement has also been reached for Independent Bank to acquire Town Center Bank of Coppell, a two-branch bank with $40 million in assets. 

Share This Story: