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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
November 13, 2000
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Date of Report (Date of earliest event reported)
Independent Bankshares, Inc.
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(Exact name of Registrant as specified in its charter)
Texas 0-10196 75-1717279
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(State of Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
547 Chestnut Street
P.O. Box 3296
Abilene, Texas 79604
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(Address of principal executive offices) (Zip Code)
(915) 677-5550
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 2. Acquisition or Disposition of Assets
On November 13, 2000, State National Bancshares, Inc.
("State National"), the owner of all of the common stock of
Independent Bankshares, Inc. (the "Company"), contributed to the
Company and the Company, in turn, contributed to Independent
Financial Corp., its wholly owned subsidiary ("Independent
Financial"), all of the capital stock of United Bank and Trust,
Abilene, Texas, a Texas banking association ("UBT"). After the
contribution, UBT was then merged with and into First State Bank,
N.A., Abilene, Texas, the Company's subsidiary bank ("First
State"). In addition, immediately after the merger, the name of
the combined bank was changed to State National Bank of West
Texas, Abilene, Texas. There was no merger consideration paid as,
prior to the transactions, the Company and UBT were both direct
or indirect subsidiaries of State National.
UBT is a community bank that offers interest and noninterest-
bearing depository accounts, and makes consumer and commercial
loans. At October 31, 2000, UBT had total assets of
$111,229,000, total deposits of $92,134,000, total loans, net of
unearned income, of $67,592,000, and stockholder's equity of
$16,844,000. At October 31, 2000, First State had total assets
of $370,578,000, total deposits of $307,890,000, total loans, net
of unearned income, of $181,841,000, and stockholder's equity of
$57,363,000.
As stated above, there are parent-subsidiary
relationships among State National, the Company, Independent
Financial, First State, and UBT. Further, there are common
directors and officers among the above-named entities. The
common directors and officers are Rick Calhoon (Director of
State National and the Company), Jack Cardwell (Director of
State National and the Company), Don Cosby (Director of
State National, the Company, Independent Financial, First
State and UBT; Executive Vice President and Chief Financial
Officer of State National; Executive Vice President of the
Company; and President of Independent Financial), Randal
Crosswhite (Director of the Company and First State and
Chief Financial Officer of the Company), Gary Fletcher
(Director of State National and the Company), David Kirk
(Director of State National, the Company, First State and
UBT), Tom Nichols (Chairman and the Board and Chief
Executive Officer of the State National, the Company, First
State and UBT), Ronald Simpson (Director and President of
UBT and Director of the Company) and Bryan Stephenson
(Director of the Company and First State and President of
the Company).
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ITEM 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Financial Statements of Business Acquired.
As permitted by Form 8-K, the required historical
financial statements required by Regulation S-X will be
filed by an amendment to this Form 8-K no later than
January 29, 2001.
(b) Pro Forma Financial Information.
As permitted by Form 8-K, the required pro forma
financial information statements required by Regulation
S-X will be filed by an amendment to this Form 8-K no
later than January 29, 2001.
(c) Exhibits
Exhibit No. Document Description
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2.1 Agreement and Plan of Merger dated
October 24, 2000, between United Bank
and Trust, Abilene, Texas and First
State Bank, N.A., Abilene, Texas.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
INDEPENDENT BANKSHARES, INC.
Date: November 28, 2000 By: /s/ Randal N. Crosswhite
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Randal N. Crosswhite
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit No. Document Description
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2.1 Agreement and Plan of Merger dated October 24,
2000, between United Bank and Trust, Abilene,
Texas and First State Bank, N.A., Abilene, Texas.
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