North Texas Bank in Decatur announced Thursday that it will merge with the First State Bank of Gainesville. The merger is through the two banks’ holding companies.
North Texas Bank, which opened in 2004, has assets of $150 million and also operates a branch in downtown Roanoke. First State Bank of Gainesville, the oldest state bank in Texas, has nine branches, including two in Gainesville and three in Denton, with a fourth to open on Loop 288 in the fall.
“The merger of North Texas Bank into First State Bank in Gainesville is an exciting opportunity for our customers, employees and communities,” said J. Andrew Rottner, president of North Texas Bank. “They have been locally owned and operated since 1905, have an outstanding management team and carry a great reputation in their local markets.
“Merging with a larger independent community bank like First State Bank will afford our customers greatly expanded products and services, which will continue to be delivered by the same friendly, responsive and familiar faces our customers have come to know the past 10 years,” Rottner said.
First State Bank CEO Frank Morris said, “We are excited to add the North Texas Bank branches and staff to the First State Bank family and to continue First State’s growth in serving North Texas communities.”
First State Bank of Gainesville is not part of the First State Bank group of Wise County that includes banks in Chico, Bridgeport, Runaway Bay and Paradise.
Rottner and North Texas Bank Board Chairman Don Robinson will join the board of the Gainesville bank when the merger is complete, expected later this year following regulatory approval.
After consolidation is complete, First State Bank will have offices in four contiguous counties of Cooke, Denton, Montague and Wise. After the merger, the combined bank will have assets approaching $900 million, a loan portfolio of $400 million, deposits of $800 million and 200 employees.
First State also has branches in Lake Kiowa, Muenster, Saint Jo and Valley View.
North Texas Bank has played an important role in community events over the past decade, and Rottner said the Gainesville bank has a similar commitment to the communities it serves.
North Texas Bank was founded in 2004 by a group of investors from Decatur and other parts of Texas. Several of the founding directors remain on the Decatur board including Robinson, Andrew Sandford, Derrick Boyd, Charles A. Burton and Mason L. Woodruff. Other directors are Mark Duncum, Dr. Tom Long and Rottner.
First State Bank of Gainesville offers a full line of financial products and services including mobile banking applications, consumer and commercial loans, long-term fixed-rate mortgages and wealth management.