Goldthwaite Bancshares has agreed to buy a nearby central Texas lender.
The $225 million-asset Goldthwaite is buying First National Bancshares in Hico, Texas. Terms of the deal were not disclosed.
First National has $46 million in assets and one branch. Goldthwaite's banking unit, Mills County State Bank, has four branches.
The deal was announced Friday by Commerce Street Capital, a Dallas investment bank that advised First National. The banks expect to complete the deal, which requires regulatory approval, by Sept. 30.
First National Chief Executive Dianne Stone, who owns approximately 80% of the company, plans to retire and wanted to find a buyer with a culture similar to First National's, according to C.K. Lee, managing director of Commerce Street.
"What was important was not selling to the first bidder, but finding a bank in the same geographic area that would provide the same level of service that her customers had gotten used to," Lee said. "She wanted to preserve the community-bank feel."