Pilgrim Bancorp. in Mount Pleasant, Texas, has agreed to buy North Central Texas Bancshares in Wichita Falls, Texas.
The $386 million-asset Pilgrim expects to complete the acquisition of the $240 million North Central by mid-2015, according to the Times-Record News in Wichita Falls. Financial terms were not disclosed.
"We are pleased to join with Pilgrim Bank," Bert Williamson, North Central's chairman, told the publication. "Our customers can look forward to an expanded presence in East Texas and the Panhandle and the additional products and services that Pilgrim Bank offers."
"We expect that their expertise and knowledge of their respective markets will enhance our franchise," Ken Pilgrim, Pilgrim's chairman, added.