BIRMINGHAM, Ala. -- Central Bancshares of the South said it has signed a definitive agreement to acquire FWNB Bancshares of Carrollton, Tex., for 430,000 common shares.
FWNB Bancshares is the holding company for First Western National Bank, which has $170 million in assets and $160 million in deposits, the company said.
Central Bancshares said the acquisition will strengthen the Dallas presence of its Texas subsidiary, Compass Bancshares Inc. The subsidiary's assets in the state would rise to $1.7 billion with the acquisition of FWNB and of Cornerstone Bancshares, a previously reported proposed merger.
Completion of the FWNB acquisition is subject to approval by shareholders and regulatory agencies, as well as other conditions in the agreement, the company said.