Franklin Bank Corp. of Houston, which has bought four Texas banking companies since early last year, announced a deal for a fifth on Tuesday. Its $58.3 million cash and stock deal for the $215 million-asset First National Bank of Athens, Tex., is expected to close in the second quarter.
Franklin has $3.3 billion of assets and 22 branches, including nine in East Texas, where First National's four are located.
The seller is the Ginger Murchison Foundation. Ms. Murchison's death made the sale necessary, said Don Willis, who is First National's chairman and the foundation's president, in a press release.
Ms. Murchison was involved in a car accident in January 2001 and died in August of that year at the age 51. Her family founded the bank in 1890; she established the foundation in 1993.
Franklin said it would pay 75% in cash and 25% in stock. The price is about two times First National's book value.
