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First Financial Bankshares enters agreement to acquire Orange Savings Bank
First Financial Bankshares Inc. announced Feb. 20 that it has agreed to acquire Orange, Texas-based Orange Savings Bank SSB at a price expected to total a $56 million mix of cash and stock purchase price.
The deal would expand First Financial's branch footprint, which is mostly west of Dallas, by adding Orange Savings' six branches east of Houston. As of Dec. 31, 2012, Orange Savings had $381.12 million in total deposits. "We are very excited about this opportunity to expand our company into this vibrant region of Texas," First Financial Chairman, President and CEO F. Scott Dueser, said in a press release.
At the end of 2012, First Financial had $4.50 billion in assets across its units First Financial Bank NA and First Financial Trust & Asset Management Co. NA, according to SNL data. Orange Savings, a wholly owned subsidiary of OSB Financial Services Inc., reported assets of $442.8 million for the same period.
The deal, which is planned for completion in the second quarter, is subject to regulatory and shareholder approval.
Hovde Financial, Inc served as exclusive financial advisor to OSB Financial Services, Inc. and Orange Savings Bank in connection with the transaction.