First State Bank in Louise acquires Woodsboro bank
Nov. 30, 2017 at 9:33 p.m.
Updated Nov. 30, 2017 at 9:40 p.m.
The First State Bank in Louise has acquired The First National Bank of Woodsboro.
The acquisition will expand the First State Bank's presence along the state's Gulf Coast by adding branch locations in Woodsboro and Refugio, according to a news release.
"The First National Bank of Woodsboro has always been community-oriented by focusing on serving the banking needs of people and businesses in Refugio County," Delbert M. Cox, acting president and chief executive officer of the First National Bank of Woodsboro, said in the news release. "We believe the First State Bank will carry on that tradition and provide superb banking services targeted for our local area. We are pleased to become part of their fine organization."
The acquisition was approved by the board of directors of both banks and is subject to regulatory and shareholder approval. The sale is expected to close in the spring.
The First State Bank in Louise is a full-service community bank and was established in 1956. As of September, it had about $385 million in assets. It has locations in Louise, El Campo, Wharton, Sweeny, Blessing, Ganado, Bay City, Angleton and Victoria.
"We are very excited to continue expanding our footprint in the Texas Gulf Coast region," Chip Jenkins, CEO of The First State Bank, said in the news release.
The First State Bank is a locally owned and operated bank, said Kinnan Stockton, First State Bank president.
"We look forward to getting to know the people of Woodsboro, Refugio and Refugio County and becoming involved as a strong corporate citizen in these communities we will serve," he said in the news release.
This story was corrected on Dec. 1, 2017 to correct the name of First State Bank's the bank's president.