Texas community bank lines up first acquisition
Wichita Falls Bancshares in Texas has agreed to buy Chico Bancorp in Texas.
Wichita Falls, the parent company of the $482 million-asset First National Bank, said in a press release Tuesday that it expects to complete the purchase of the $181 million-asset Chico in the first quarter.
Wichita Falls did not disclose the price it will pay for Chico, which has four branches that operate as First State Bank.
The acquisition will be the first ever for Wichita Falls.
“The relationship we have built with First State Bank … has been one we are excited to have developed,” Cindy Campbell, First National’s president and CEO, said in the release.
“We are pleased to have found such a complementary fit," Campbell added. "United, we are strategically positioned to better compete in our markets while continuing our growth strategy.”
Griffin Financial Group and Fenimore Kay Harrison Ford advised Wichita Falls. Hillworth and Larry Temple advised Chico.