First Financial Bankshares in Abilene, Texas, has agreed to buy FBC Bancshares in Conroe, Texas.
The $5.8 billion-asset First Financial said in a press release Wednesday that it will pay $59 million in stock for the parent of the $378 million-asset First Bank. The deal is expected to close in the second quarter.
The acquisition allows First Financial to enter the Texas cities of Conroe, Magnolia, Montgomery, Cut and Shoot, Willis and The Woodlands.
"We are very excited about this opportunity to expand our company into this vibrant region of Texas," Scott Dueser, First Financial's chairman, president and chief executive, said in the release. "This is a very strategic acquisition for our company to strengthen our footprint and name recognition in this high-growth area on the I-45 corridor, north of Houston, where several large companies are moving."