First National Bank's historical roots can be traced back more than one-hundred and forty years, and Monday it announced its plans to turn over ownership.
At a press conference, First National Bank announced that Franklin Bank Corp. based out of Houston will acquire the outstanding shares of the bank for $134 million in cash.
"It's a great community market and this bank is the best bank in Bryan/College Station, and we love to partner with the best in the community in which we serve," said Glenn Mealey, Franklin Bank's Executive Vice President of Administration and Acquisitions.
Tim Bryan, chairman and CEO of First National Bank of Bryan, said that it was about a year ago that the bank started looking for ways to compete in the industry.
"We either needed to grow ourselves, take our stock public, and then use that to acquire other banks, or we needed to merge with someone who had a similar mission that we could do this with," said Bryan.
Despite the shift in power, both banks anticipate a smooth transition.
Not only will the name, First National Bank, remain, so will many of the banks' familiar faces.
"The Bryan family is going to stay right where we are. My dad will continue as senior chairman, and I will continue as chairman," said Bryan.
"That's our business plan, we go into markets and we generally keep the names of the banks we have acquired," said Mealy. "We also keep the employees and staff so they can service the same customers, and the customers can come deal with the same people they've dealt with in the past."
Franklin will add First National's six community banking offices to its network.
According to representatives from both sides, customers should expect business as usual.
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