TB&T Bancshares, Inc. | Stephens

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Financial Advisor And Fairness Opinion

TB&T Bancshares, Inc.

$190 Million 09/19/2019 Depository Complete
Public Companies
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Transaction Details

  • September 19, 2019 – First Financial Bankshares, Inc. (NASDAQ: FFIN) today announced that it has entered into a definitive agreement to acquire TB&T Bancshares, Inc. and its wholly-owned subsidiary, The Bank & Trust of Bryan/College Station (“The Bank & Trust”)
  • The acquisition consideration consists of approximately 6.276 million shares of FFIN stock, which was established based on a $30.28 price per share of FFIN stock and totaled $190 million on the day both parties agreed to pricing
  • The Bank & Trust adds a financially strong and growing franchise to FFIN:
  • The Bank & Trust’s most recent quarter ROAA and efficiency ratio were 1.85% and 45.7%, respectively
  • As of June 30, 2019, The Bank & Trust had total assets of $624 million, total loans of $446 million and total deposits of $538 million
  • The acquisition is expected to close in the first quarter of 2020
Sources: Company filings, SNL Financial and publicly available information
  1. Note: Reflects financial data as of the most recent quarter available

    (1) Based on 6.276 million shares issued and a FFIN stock price of $30.28 at time the pricing was agreed to

    (2) Reflects The Bank & Trust consolidated financials

    (3) Reflects bank level financial data

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