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Texas-based Henderson Citizens Bancshares unit to buy Kilgore National Bank

Henderson,Texas-based Citizens NationalBank has agreed to acquire Kilgore, Texas-based ($83.4 million),according to an April 7 press release.

Therelease did not specify any financial details of the transaction, but it didnote that Citizens National Bank is among 154 local investors in KilgoreNational Bank.

SNL'svaluations forbank and thrift targets in the Southwest between April 7, 2015, and April 7,2016, averaged 141.41% of book, 150.93% of tangible book and had a median of24.64x last-12-months earnings, on an aggregate basis.

KilgoreNational Bank, a subsidiary of Kilgore National Financial Corp., has locations inKilgore, Tyler and Troup, Texas. Citizens National Bank is a unit of ($1.67 billion).

Thedeal will see Henderson Citizens Bancshares expand in Smith County, Texas, bytwo branches, to be ranked no. 16 with a 1.18% share of approximately $5.48billion in total market deposits, and expand in Gregg County, Texas, by twobranches to be ranked fifth with a 6.57% share of approximately $3.13 billionin total market deposits.

Thetransaction is expected to close in the third quarter and is subject toregulatory approval.

MikeKeeley of Norton Rose Fulbright was legal adviser to Citizens National Bank.SAMCO Capital Markets Inc. advised Kilgore National Bank, with Jacob Thompsonserving as lead financial adviser. Mark Haynie of Haynie Rake Repass &Klimko PC was legal adviser to Kilgore National Bank.

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