FNBK Holdings in Dallas has agreed to acquire the First National Bank of Kemp in Texas.
A purchase price was not disclosed. The deal would provide FNBK a company created by Texas investor John Carona to buy banks with a $54 million-asset institution located roughly 45 miles southeast of Dallas.
Carona is the chief executive of Associa, a real estate management company in Dallas. He has also served in the Texas Senate since 1996, and before that was in the state House of Representatives for six years.
The deal is expected to close in the second quarter.
"We look forward to continuing to serve our customers in Kemp, Seven Points and the surrounding communities, while looking for strategic expansion opportunities in other markets," Carona said in a press release Monday.
No leadership changes at the bank were announced.
SAMCO Capital Markets advised Carona on the transaction, while Haynie Rake Repass & Klimko provided legal counsel. Sheshunoff Investment Banking advised First National Bank, with Fenimore, Kay, Harrison & Ford providing legal guidance.