LUFKIN, TX (News Release) - Citizens National Bank of Henderson, Texas announced today that it has entered into an agreement to purchase five branch locations in East and Central Texas from Bank of America.
The branch offices which include adjoining motor banks that will be purchased are located in Corsicana, Huntsville, Mount Pleasant and two locations in Lufkin. Citizens National anticipates receiving over $400 million in deposits and less than $1 million in loans from this transaction. Subject to regulatory approval, this transaction is scheduled to occur during the first quarter of 2015.
Brad Tidwell, President and CEO of Citizens National Bank commented, "We look forward to welcoming our new customers and employees in each of these communities. This is a great opportunity for us to increase our market share in some communities and expand our current footprint into additional markets. Along with our new colleagues, we will form a team of experienced bankers that have been serving our customers since 1930."
Mr. Tidwell further stated, "When completed, this transaction will enhance our existing significant branch network in East and Central Texas. Customers will benefit from the added convenience of having a network of 25 other branches in this area. Our top priority is to make this transition as seamless as possible for our new customers and employees."