Grant Bancshares is Texas-bound after agreeing to buy First Bank
Grant Bancshares in Natchitoches, La., has agreed to buy First State Bank in Hemphill, Texas.
Grant, the $440 million-asset holding company for BOM Bank, said in a press release Tuesday that it expects to complete the purchase of the $61.6 million-asset First State in the fourth quarter.
Grant did not disclose the price it will pay. The deal will give Grant its first office in Texas.
First State has one branch and $53.3 million in deposits.
Robert Russell, First State’s president, will join BOM Bank.
“We see east Texas as a natural fit for our current banking model, and the region aligns well with the markets in which we currently operate,” Ken Hale, BOM Bank’s president and CEO, said in the release.
“We take pride in being a community bank that knows our customers by name, and we look forward to welcoming First State Bank’s customers, as well as residents of communities throughout east Texas,” Hale added.
The deal comes less than a week after Grant raised $10.5 million in a private placement of common stock.
Hillworth Bank Partners advised First State.