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Texas-based WSB Bancshares seeking to acquire direct control of in-state peer

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Texas-based WSB Bancshares seeking to acquire direct control of in-state peer

Wellington, Texas-based WSB Bancshares Inc. is seeking to acquire direct control of First Paducah Bancshares of Texas Inc., the parent company of First National Bank of Paducah, according to a notice published on The Red River Sun of Texas.

Wellington State Bank, a unit of WSB Bancshares, intends to merge with First National Bank of Paducah. Following the merger, the existing branches of the two banks will operate as branches of Wellington State Bank.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southwest region between July 28, 2018, and July 28, averaged 180.75% of book and 185.11% of tangible book and had a median of 14.86x last-12-months earnings, on an aggregate basis.

Based on S&P Global Market Intelligence data, with the completion of the deal, WSB Bancshares will enter Erath County, Texas, with one branch to be ranked ninth with a 0.25% share of approximately $623.94 million in total market deposits and will enter Cottle County, Texas, with one branch to be ranked first with an 82.91% share of approximately $48.32 million in total market deposits.

As of June 30, Wellington State Bank had $385.1 million in assets, while First National Bank of Paducah had assets of $43.9 million, according to S&P Global Market Intelligence data.

To use S&P Global Market Intelligence's branch analytics tools to compare market overlap, click here. To create custom maps, click here.

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