A Lubbock, Tex., bank said it plans to buy an in-state bank for $45.5 million in cash.State National Bancshares Inc., a privately held, $860 million-asset company, said it agreed to pay $20 per share for $358 million-asset Independent Bankshares Inc. of Abilene. State National also said it would assume Independent's $13 million of obligations in outstanding preferred stock.
Independent's stock soared on news of the sale. Its stock closed at $18.50 a share Thursday, up 12% on the day. The price was unchanged Friday morning.