Planters & Merchants Sale

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Another long-time banking institution is changing hands.

First Victoria National Bank announced Tuesday it will buy Planters & Merchants State Bank.

Conditions of the agreement are not being released.

First Victoria officials say they anticipate a smooth transition and will work hard to minimize any job loss.

"First Victoria's diverse expertice in lending along with an impressive list of products make this merger highly attractive to the communities we serve, our customer base and our shareholders. To be able to offer trust and investment management, brokerage services, and cash management for small business are among the many reasons this news will be well received by our customers," said Jim Florence, President and Chairman of the Board of Planters & Merchants State Bank.

Planters and Merchants operates three offices in Hearne, Bryan and College Station.

In November, chairman and president of the P-and-M board announced he was considering retiring and selling the bank.

"Planters & Merchants has a well-earned reputation for delivering a high level of personal service by an excellent team of bankers. We think the combination of our organizations will further our footprint in Texas and our tradition of being an esceptional service provider," said M. Russell Marhall, president of First Victoria.

Pending regulatory approval, the deal should be finalized by the third quarter of 2005.