A $1.3 billion-asset banking company here is buying a smaller one in the fast-growing Dallas-Fort Worth area.
First Financial Bankshares would pay stock for Southlake Bancshares, which owns $54 million-asset Texas National Bank of Southlake. Other financial terms were not disclosed.
Texas National would be First Financial's ninth bank. It would retain its name, charter, management, personnel, and directors, First Financial officials said.
Kenneth T. Murphy, chairman of First Financial Bankshares, said Texas National Bank was attractive because of its location in a growth market area. Southlake, near Dallas/Fort Worth International Airport, is one of the fastest-growing communities in Tarrant County. Mr. Murphy also complimented Texas National's management team and said he believes the organizations share similar operating philosophies.