ORANGE — Orange Savings Bank President and CEO Stephen Lee is pleased to announce today that the bank has entered into a definitive agreement to merge with First Financial Bankshares of Abilene, TX. Pending regulatory approval, the merger is expected to finalize in the second quarter of 2013.
“Joining the First Financial family will mean new and expanded products and services for our customers while allowing us to maintain our focus on serving the local community and making decisions on a local basis”, said Stephen Lee, President and CEO. “Our bank will continue to have the same friendly people and the same commitment to being involved in the community, but with the added resources of one of the most respected community banking institutions in the Country. With this merger we will be able to accelerate our growth in the Beaumont market and throughout Southeast Texas.”
Chairman Tommy Gunn added, “The traditions established by Orange Savings Bank for over 55 years of unique customer service, community involvement, and truly personal banking relationships will continue unabated with this merger. We are merging with a bank that has over 100 years of banking experience and has the same philosophy and approach to banking as we do and has consistently been rated as one of the leading community banks in the nation for a significant period of time. The local board of directors of OSB will continue to be in place and actively involved in the local decision making process of the bank. It will continue to be banking as usual and both our existing and future customers can expect positive enhancements in all areas of banking services and technology.
I can assure our local constituents that the history, traditions, personnel, policies and commitment to our community that has established Orange Savings Bank as the premier bank in Southeast Texas will continue with First Financial.”
“We are very excited about this opportunity to expand our company into this vibrant region of Texas,” said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares. “Orange Savings Bank has experienced solid growth in assets and earnings, is the number one bank in its home market of Orange County with a 40 percent deposit market share, and has excellent growth potential in the Beaumont/Port Arthur markets. We are most impressed with their management and board, who share our same values, philosophies and commitment to outstanding customer service. We look forward to helping take the flying pig to new heights.”
Orange Savings Bank is joining a financial holding company that operates 11 regional banks with 55 locations in Texas. The company is listed on the NASDAQ Global Select Market under the trading company FFIN.