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Texas-based First Financial Bankshares closes acquisition of TB&T Bancshares

Abilene, Texas-based First Financial Bankshares Inc. completed the acquisition of Bryan, Texas-based TB&T Bancshares Inc. and Bank and Trust of Bryan/College Station, effective Jan. 1.

Pursuant to the terms of the deal, First Financial Bankshares issued about 6.3 million common shares, with an approximate value of $220.3 million, to TB&T Bancshares shareholders. Prior to the closing of the transaction, TB&T Bancshares paid a special dividend to its shareholders totaling roughly $2.0 million in accordance with the definitive agreement.

The purchase price, which was originally established based on a $30.28 price per share of First Financial Bankshares common stock, totaled $190 million as of the close of business on the day both parties agreed to pricing.

As of Dec. 31, 2019, Bank and Trust of Bryan/College Station had total assets of about $631.1 million, total loans of roughly $455.4 million and total deposits of approximately $551.9 million, according to a news release.

First Financial Bank NA, a unit of First Financial Bankshares, now has 78 locations in Texas following the close of the acquisition.