First Financial Bankshares has agreed to acquire Commercial Bancshares, along with its subsidiary Commercial State Bank, in a bid to strengthen its footprint around Houston.
Commercial State Bank manages nearly $366.8m in assets, total loans of $263.8m and handles $322.1m in deposits.
The acquisition will expand First Financial Bankshares’ growing Texas footprint into the cities of Kingwood, Fulshear, El Campo and Palacios, Texas, all located just outside the Houston metroplex.
First Financial Bankshares chairman, president and CEO Scott Dueser said: “Once this acquisition is completed, we will have banking operations throughout Texas with 73 locations that span from Hereford in the Panhandle to Orange in southeast Texas.
“We welcome this opportunity to bring our expanded banking and wealth management services to this new market by adding Commercial State Bank to the financially strong and growing First Financial Bankshares family.”
Commercial Bancshares chairman and CEO Harry Brooks said: “Joining with First Financial Bankshares will mean new and expanded products and services for our customers and greater opportunities for our employees while allowing us to maintain our focus on serving our communities and making banking decisions on a local basis.”
The deal is expected to be completed by the first quarter of 2018, pending regulatory and shareholder approval.