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
Date of Report (Date of Earliest Event Reported): Commission File Number
September 26, 1997 0-7674
FIRST FINANCIAL BANKSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Texas 75-0944023
(State of Incorporation) (I.R.S. Employer
Identification No.)
400 Pine Street, Abilene, Texas 79601
(Address of Executive Offices and Zip Code)
Registrant's Telephone Number (915) 627-7155
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ITEM 5. Other Events.
Following the close of business on Thursday, September 25, 1997, a new
Board of Directors was elected and thereafter did organize San Angelo National
Bank ("SANB") pursuant to authority of the Office of the Comptroller of
Currency. SANB opened for business on Friday, September 26, 1997, as a national
association succeeding Southwest Bank of San Angelo ("Southwest Bank") through
conversion of its state charter. SANB, as its predecessor Southwest Bank,
continues as a subsidiary bank held by First Financial Bankshares, Inc. ("First
Financial") through its wholly owned subsidiary, First Financial Bankshares of
Delaware, Inc.
As previously reported, on May 27, 1997, SANB predecessor, Southwest
Bank, entered into a Purchase and Assumption Agreement (the "Agreement") with
Texas Commerce Bank-San Angelo, National Association ("TCB-San Angelo").
Effective as of the close of business on Thursday, September 25, 1977, the
assets acquired by SANB pursuant to the Agreement include (i) three (3) banking
facilities (land and buildings) located in the City of San Angelo, together with
all furnishings, equipment and fixtures, and (ii) all loans of TCB-San Angelo,
other than certain loans which were specifically excluded under the Agreement.
SANB will also acquire San Angelo Trust Company, National Association
("Trust Company"), a subsidiary national association trust company formed by
TCB-San Angelo into which certain of the trust business and assets of TCB-San
Angelo will hereafter be transferred in accordance with applicable federal and
Texas banking and fiduciary substitution laws. Prior to effective substitution
of the Trust Company as Trustee of the fiduciary accounts to be transferred,
TCB-San Angelo will continue to operate its trust department pursuant to a
shared premises arrangement with SANB at its main banking location.
In addition to the assets acquired and to be acquired by SANB, SANB has
assumed deposit liabilities and certain other liabilities of TCB-San Angelo,
including safekeeping and safe deposit liabilities, and certain other contracts,
leases and commitments.
The conversion of Southwest Bank into a newly organized national
banking association under the name "San Angelo National Bank" restores to San
Angelo and West Texas a distinguished name in banking. The principal banking
office of SANB will be located at 301 West Beauregard in the City of San Angelo,
Texas. In addition SANB will continue customer services at locations formerly
operated by Southwest Bank in the City of San Angelo.
Total assets for SANB, including $18,000,000 attributed to goodwill,
approximate $273,000,000 with deposits of $235,000,000 and shareholders' equity
of $38,000,000. Consummation of the transaction combining the assets of
Southwest Bank and TCB-San Angelo into the newly chartered San Angelo National
Bank brings total assets for First Financial to more than $1.4 billion. The
funding of the Trust Company and its subsequent sale under the Agreement to San
Angelo National Bank is anticipated at the end of the fourth quarter of 1997.
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ITEM 7. Financial Statements and Exhibits
The acquisition described under Item 5 of this report does not involve
a significant amount of the assets of First Financial and its subsidiaries as
defined in Item 2(b)4. of the General Instructions. Accordingly no financial
statements or pro forma financial information is being provided with this
current report.
SIGNATURES
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.
FIRST FINANCIAL BANKSHARES, INC.
(Registrant)
DATE: September 26, 1997 By: _______________________________
CURTIS R. HARVEY
Executive Vice President and
Chief Financial Officer
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