Happy State Bank will be purchasing First Bank & Trust locations around Texas.
J. Pat Hickman, Chairman, and CEO of Happy State Bank released a statement about the purchase.
“We truly enjoy being in our many small towns, and are excited about spreading our footprint into these new communities,” said Hickman. “We know the folks in the Texas Panhandle well, we started in the small town of Happy, TX 111 years ago, and now look forward to serving our new neighbors in Memphis, Matador, Turkey and White Deer.”
Happy State Bank will now have 41 locations in 29 Texas communities. The purchase is expected to close in the second quarter of 2019 pending approval.
Gene D. Adams, Chairman of the Board of First Bank & Trust of the soon to be purchased locations said he is excited about the transaction.
“Our biggest concern was our employees, customers and the communities they served. We want to thank those employees and customers in those communities for their loyalty and support. Happy State Bank has successfully served the Texas Panhandle for many years and we feel like they are the best to provide the up to date and leading financial services and products those communities deserve,” Adams said.
With this acquisition, Happy will assume $2 million in loans and $40 million in deposits, increasing their total assets to approximately $3.5 billion.