From Staff Reports
Corsicana Daily Sun
K.C. Wyatt, President and CEO of Community National Bank & Trust of Texas, announced Friday the bank has entered into a definitive agreement to acquire First State Bank of Mineral Wells. The transaction is subject to regulatory approval and the acquisition is expected to be finalized in the second quarter of 2013. First State Bank has assets of approximately $125 million. The acquisition will give Community National a presence in the dynamic growth pattern of Mineral Wells, Weatherford and Possum Kingdom Lake.
“Joining with Community National and its strong leadership will enable us to offer new products and services to our customers, outstanding growth opportunities for our employees and strong support for the communities we serve,” said Riley C. Peveto, President and CEO of First State Bank.
After the acquisition, Community National customers will have access to all ten locations. In addition to offering investment management and trust services, Community National will expand its mortgage lending department to the Mineral Wells and Weatherford area. The combined entity’s lending limit will increase substantially and add to Community National’s reputation as a strong commercial lender.
Community National Bank & Trust has locations in Corsicana (two), Fairfield, Frost, Buffalo, Richland Chambers Lake and Red Oak. The bank is owned by Community Bank Holdings of Texas based in Corsicana and has assets of approximately $364 million. Its trust and investment department manages over $190 million for local individuals, businesses and charitable foundations, and it makes charitable grants totaling over $500,000 annually to local non-profit organizations.