The oldest bank in Texas has officially changed owners. Franklin Bank Corp. announced Wednesday the closing of its acquisition of First National Bank of Bryan.
The value of the deal is $134 million, plus excess capital, making the total transaction $150 million, said Tim Bryan, First National's chairman and CEO.
The merger was announced in December 2006.
“Franklin’s philosophy of high performance community banking will continue the great heritage of First National that has grown over the 145 plus years of the bank’s existence,” Bryan said. “The merger between these two organizations will create the leading community bank in Texas.”
Most of the bank's current employees will remain the same, however, twenty backroom positions will be eliminated later this year, said Bryan.
First National Bank is headquartered in Bryan and has six banking offices.
As of March 31, 2007, FNB had approximately $540 million in assets, $450 million in deposits, according to information provided by the bank.
Andy Black, President and Chief Operating Officer said, "During the past few months, we have developed a solid relationship with The First National Bank of Bryan. With this acquisition, we are adding experienced lenders and bankers to our team. They focus on putting the customer first, just as we have always done."