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BOM/First State Bank Acquisition Information

 

DEAR VALUED CUSTOMER,

 

We are very excited to announce the next big step forward in your banking. In the coming months, First State Bank’s location in Hemphill, Texas will become part of the BOM family.  Expanding in the East Texas market will only further strengthen our commitment to the local community.

BOM is a dedicated community bank, so the close-knit culture of service will remain the same. We were founded in 1903 on the premise of providing our customers the means for not only bettering their own lives, but also contributing to the places where they live. For more than 115 years, we’ve stayed true to our genuine, hometown service while continually evolving to compete with bigger banks.

Soon you’ll have dozens of new products, services and technology options available to add more variety and convenience. Better yet, you’ll be working with the same smiling faces you’ve gotten to know as a First State Bank customer.

You will certainly see plenty of us – whether we’re assisting you in one of our branches or helping out in the community. BOM is very committed to giving back, both financially and through our personal time. In fact, our employees have volunteered over 8,000 hours in the past couple of years.

We’ll begin the new integration process soon, with plenty of communication given on anything that may impact you. In the meantime, please don’t hesitate to call us, visit our website or stop by in person. Thank you for entrusting us with your needs. We look forward to continuing to serve you.

Sincerely,

 

 

Ken Hale

President & CEO

BOM

 

 

 

 

 

 

 

BOM Bank to Expand Footprint to Texas with Acquisition of First State Bank in Hemphill, Texas

 

NATCHITOCHES, La. – Grant Bancshares Inc., the parent bank holding company for BOM Bank and headquartered in Natchitoches, Louisiana, and First State Bank of Hemphill, Texas, jointly announced today the signing of a definitive agreement under which Grant Bancshares will acquire First State Bank. Following completion of the acquisition, First State Bank will merge with BOM Bank. The terms of the definitive agreement were not disclosed.

 

Upon completion of the transaction, BOM Bank, which currently operates 14 locations in Bienville, Bossier, Caddo, Grant, Natchitoches, Rapides and Sabine parishes in Louisiana, will expand its footprint with the addition of First State Bank’s full-service branch located at 101 Worth St. in Hemphill, Texas. Staffing changes are not anticipated in connection with the pending transaction. The acquisition will bring BOM Bank to 15 locations and marks the northwest Louisiana community bank’s first entrance into the Texas market.

 

“We see East Texas as a natural fit for our current banking model, and the region aligns well with the markets in which we currently operate,” says Ken Hale, president and CEO of BOM Bank. “We take pride in being a community bank that knows our customers by name, and we look forward to welcoming First State Bank’s customers, as well as residents of communities throughout East Texas.”

 

As of March 31, 2019, First State Bank had approximately $61.6 million in total assets and $53.4 million in total deposits. Following the merger of the banks, BOM Bank is expected to have approximately $500 million in total combined assets and approximately $450 million in total combined deposits. Closing of the acquisition is expected in the fourth quarter of 2019 and is subject to customary closing conditions, including obtaining the approval of applicable bank regulatory authorities and First State Bank’s shareholders. Austin-based investment banking and advisory firm, Hillworth Bank Partners, acted as financial advisor to First State Bank.

 

Robert Russell, president of First State Bank, said “BOM Bank is deeply familiar with small town banking and will be an excellent fit with the Sabine County community. We are confident our customers will be pleased with the additional banking services offered through BOM Bank. We may have a new name, but the faces that customers know will be the same.”

 

Russell and the rest of the team at First State Bank will continue to serve customers in Hemphill, Texas.

 

Erich Heinold, chairman and CEO of First State Bank, added, “We are pleased to announce our partnership with BOM Bank. After considering our shareholders, employees, customers and the community, our board unanimously approved the merger.”

 

Additional Information

On June 30, 2019, Grant Bancshares completed a private placement offering of its common stock to existing shareholders and a select group of new, strategic investors within its market area. Through the offering, which was over-subscribed, Grant Bancshares raised over $10.5 million in additional capital.

 

About Grant Bancshares, Inc. and BOM Bank

Grant Bancshares, Inc., headquartered in Natchitoches, Louisiana, is a registered financial holding company that provides a broad range of banking, financial and insurance services through its wholly-owned subsidiary, BOM Bank, and its subsidiary, BOM Financial Services, L.L.C. BOM Bank was established in 1903 in Montgomery, Louisiana, and has a strong tradition of supporting the northwest Louisiana communities in which it operates, combining hometown values with modern, full service personal and business banking products in a number of convenient locations. For more information, visit bofm.com.

 

About First State Bank

First State Bank was established in 1944 in Hemphill, Texas. It has continuously served Sabine County for approximately 75 years. From its office and drive-thru at the corner of highways 87 and 83 in Hemphill, the Bank provides commercial and retail banking services to the local community. First State Bank’s website is located at www.firststatebankhemphill.com.