Bill Johnson, President of Mesa Financial Corp. and its subsidiary Texas National Bank, Sweetwater, and Bill Terry, Chairman of South Taylor County Bancshares, Inc. and its subsidiary First State Bank in Tuscola, announced that they have reached a definitive agreement for Mesa to acquire South Taylor County Bancshares and First State Bank in Tuscola. Pending regulatory and shareholder approval, the transaction is expected to close in the first quarter of 2014.
First State Bank has operated continuously in Tuscola since it was established in 1912. As of Sept. 30, 2013, the bank reported total assets of $22 million. Joel Terry, President of First State Bank, said, â€śTexas National Bank is an ideal partner for our bank. Their management team and shareholders have a long track record in independent, community banking. They understand doing business in a small town, and they will bring new services and technology and a higher lending limit to our customers and the Tuscola community.â€ť
Texas National Bank, chartered in Sweetwater in 1995, reported total assets of $99 million as of Sept. 30, 2013. Bill Johnson commented, â€śWe are pleased and excited to enter Tuscola and the south Taylor County market through this merger with such a strong and established group of bankers. Obviously they are well known and respected in the Tuscola area.â€ť