[Logo] INDEPENDENT BANKSHARES, INC.
FOR IMMEDIATE RELEASE CONTACT: BRYAN STEPHENSON
AUGUST 14, 2000 (915) 677-5550
STATE NATIONAL BANCSHARES, INC. COMPLETES
ACQUISITION OF INDEPENDENT BANKSHARES, INC.
Abilene, Texas - Independent Bankshares, Inc. (AMEX:IBK) today
announced that State National Bankshares, Inc. completed its
acquisition of Independent Bankshares, Inc. as of the close of
business on August 11, 2000, pursuant to the terms of the
previously reported Agreement and Plan of Reorganization dated as
of March 1, 2000, between State National Bancshares, Inc. and
Independent Bankshares, Inc.
Pursuant to the agreement, New FSB, Inc., a wholly owned
subsidiary of State National, merged with and into Independent
Bankshares. Following the merger, Independent Bankshares became a
wholly owned subsidiary of State National. Under the terms of the
transaction, shareholders of Independent Bankshares received
$20.0165 in cash for each share of Independent Bankshares common
stock that they owned.
Independent Bankshares, Inc. owns one bank. First State Bank,
N.A., Abilene, with thirteen full-service banking offices in its
West Texas market area: three locations in Abilene, two locations
in Azle, four locations in Odessa and one location each in
Lubbock, San Angelo, Stamford and Winters. Until the date of
acquisition, the Company's Common Stock traded on the American
Stock Exchange under the symbol IBK. The trust preferred
securities of the Company's subsidiary, Independent Capital
Trust, continues to trade on the American Stock Exchange under
the symbol IBK.Pr.
547 Chestnut, Abilene, Texas 79602, 915/677-5550
