First Financial Completes Acquisition of TB&T Bancshares

First Financial Bankshares FFIN announced that it has completed the acquisition of TB&T Bancshares, Inc. and its wholly-owned subsidiary, The Bank & Trust of Bryan/College Station, effective Jan 1, 2020. The deal was announced in September 2019.

Based in Abilene, TX, First Financial now has operations in about 78 locations that extends from Hereford in the Panhandle to Orange in southeast Texas.

F. Scott Dueser, Chairman, President and CEO of First Financial said, "This well-managed, high performing bank in the high growth Bryan/College Station market will be an excellent addition to our Company."

Terms of the Deal

First Financial issued 6.3 million shares of its common stock to shareholders of TB&T Bancshares valuing about $220.3 million.

Also, during the pre-closing period, TB&T Bancshares paid special dividends totaling $2 million.

The Bank & Trust of Bryan/College Station had total assets of nearly $631.1 million, total loans of about $455.4 million and total deposits of approximately $551.9 million, as of Dec 31, 2019. Addition of these to First Financial’s balance sheet will bolster its financial position.

Bottom Line

First Financial’s strong balance sheet position supports such inorganic moves. In addition to helping the company in expanding presence in Texas, the deal will diversify its sources of revenues. Previously, in January 2018, the company acquired Commercial Bancshares. The deal helped it strengthen footprint, especially in the high growth area around Houston.

Shares of First Financial have gained 15.6% over the past six months, outperforming 8% growth for the industry it belongs to.

Currently, the stock carries a Zacks Rank #2 (Buy).

Other Stocks to Consider

Barclays PLC’s BCS shares have rallied 37.3% over the past three months. Also, the company’s earnings estimates for 2019 have been revised 4.3% upward over the past 30 days. The stock sports a Zacks Rank of 1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

TD Ameritrade Holding Corporation AMTD share price has surged 49.9% in three months’ time. Further, the company’s earnings estimates for the ongoing year have moved nearly 1% north in the past 30 days. The stock flaunts a Zacks Rank of 1, currently.

E*TRADE Financial Corporation ETFC shares have gained 26.6% in the past three months. In addition, this Zacks Rank #2 company’s earnings estimates for 2019 have moved up slightly in 30 days’ time.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Barclays PLC (BCS): Free Stock Analysis Report
First Financial Bankshares, Inc. (FFIN): Free Stock Analysis Report
TD Ameritrade Holding Corporation (AMTD): Free Stock Analysis Report
E*TRADE Financial Corporation (ETFC): Free Stock Analysis Report
To read this article on click here.
Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.