First Financial to acquire Commercial Bancshares
First Financial Bankshares announced that it has entered into a definitive agreement to acquire Commercial Bancshares and its wholly-owned subsidiary, Commercial State Bank, Kingwood, Texas. Subject to the terms and conditions of the definitive agreement, First Financial Bankshares anticipates that the acquisition consideration will consist solely of First Financial Bankshares common stock totaling $59.4M. In addition, prior to closing, Commercial Bancshares, Inc. expects to pay a special dividend of approximately $15.6M to its shareholders, which may be increased or decreased in accordance with the terms of the definitive agreement. Pending regulatory and shareholder approval, the acquisition is expected to be finalized in the first quarter of 2018. The acquisition of Commercial State Bank expands First Financial Bankshares' growing Texas footprint into the cities of Kingwood, Fulshear, El Campo and Palacios, Texas, all located just outside the Houston metroplex.