State National Bancshares Inc. of Fort Worth is acquiring a 21-year-old community bank in Granbury, Tex.
The privately owned banks would not reveal the price, but a spokeswoman for the $1.4 billion-asset State National said Friday that it would pay cash for the $249 million Heritage, and that the deal is expected to close in the fall.
Tom C. Nichols, the buyer's chairman, said Thursday in a press release that Heritage would help it build up in Fort Worth's Tarrant County. Eight of State National's 38 branches are located there, as are three of Heritage's four.
"Our plans are to continue our growth through acquisition in the Tarrant County area," Mr. Nichols said.
"We are currently well represented on the north and east sides, and Heritage will help balance our market coverage on the southwest side of the community." State National bought another Tarrant County bank, the $212 million-asset Mercantile Bank Texas in Fort Worth, last August for $51.2 million.
