From Staff Reports
Riley C. Peveto, president and CEO of First State Bank, announced today the bank has entered into a definitive agreement to be acquired by Community National Bank & Trust of Texas headquartered in Corsicana, Texas.
The transaction is subject to regulatory approval and the acquisition is expected to be finalized in the second quarter of 2013.
First State Bank is the last locally owned bank in Mineral Wells, according to sources.
“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 Peveto. “The bank’s lending limit will expand substantially and Community National has a reputation as a very strong commercial lender.”
After the acquisition, former First State Bank customers will have access to all 10 locations of Community National Bank & Trust, Internet banking and bill pay, mobile banking and voice banking. The bank offers full-service investment management and trust services.
Additionally, customers will have the benefit of a mortgage lending department which is active in home refinance, purchase and construction loans.
“Community National is one of the strongest banks in the country for safety and soundness as ranked by Bankrate Inc. and Weiss Ratings.
We’ve been part of the Central Texas banking scene for over 45 years, earning a reputation for quality personal service, competitive banking products and heavy community involvement,” said K.C. Wyatt, President & CEO of Community National Bank & Trust. “We expect to continue this tradition in our new communities.”
Community National Bank & Trust has locations in Corsicana (two), Fairfield, Frost, Buffalo, Richland Chambers Lake and Red Oak. The bank has assets of approximately $364 million. Its trust and investment department manages over $190 million for individuals, businesses and charitable foundations.