Happy State Bank, headquartered in the Texas panhandle town of Happy, has agreed to purchase operations of First Bank and Trust of Seymour, which has its headquarters southwest of Wichita Falls. Specifically, Happy State Bank will take over operations in Memphis, Matador, Turkey and White Deer, TX.
As part of the transaction, Happy will acquire approximately $2 million in loans and $40 million in deposits, increasing its total assets to approximately $2.5 billion. First Bank and Trust, with seven locations, has $164 million in assets. The transaction is expected to close in Q2 2019.
Gene Adams, with First Bank and Trust, said the sale means the organization can “redirect our resource to other locations.” Meanwhile, “we truly enjoy being in our many small towns, and are excited about spreading our footprint into these new communities,” said Happy State Bank’s J. Pat Hickman.
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