East Texas Financial Corporation, Kilgore, Texas, Announces Plans to Acquire Texas National Bancorporation, Inc., Jacksonville, Texas
Kilgore, TX - East Texas Financial Corporation, the bank holding company for Citizens Bank headquartered in Kilgore, Texas, has entered into a definitive agreement to acquire Texas National Bancorporation, Inc., the bank holding company for Texas National Bank of Jacksonville, Jacksonville, Texas (“Texas National Bank”).
"This acquisition represents a strategic step forward for Citizens Bank, enabling us to expand our presence in new communities in East Texas while maintaining local, East Texas ownership. Customers of Citizens Bank and Texas National Bank will benefit from a broader service area following the merger of our banks, making it easier to do business wherever they live or work. With combined assets exceeding $1 billion, we’ll be able to invest more significantly in the services and technology our customers expect from a modern, community-focused bank,” stated John Mills, President & CEO of Citizens Bank.
Wes White, CEO of Texas National Bank, commented, "Joining forces with Citizens Bank is a natural fit as we share common values and a culture of old-fashioned customer care, supported by innovative services and convenience. This partnership allows us to continue thriving as a true local community bank, with a larger footprint and expanded access to banking services throughout the region."
Citizens Bank was chartered in 1949. Through a combination of acquisitions and branch expansion, the bank operates 11 banking offices in Bryan, Carthage, Center, Gladewater, Humble, Kilgore, Kountze, Sour Lake, Tyler, The Woodlands and Yorktown.
Texas National Bank was established in Jacksonville in 1985. The bank has expanded over the years to include nine offices in Bullard, Jacksonville, Lindale, Longview, Lufkin, Marshall, Rusk, and Tyler (2).
The transaction is expected to close in the fourth quarter of 2025, subject to the satisfaction of customary closing conditions, including regulatory approval and the approval of Texas National Bancorporation, Inc. shareholders. Terms of the agreement were not released.
Upon closing, East Texas Financial Corporation will operate as a two-bank holding company with combined assets projected to total approximately $1.3 billion. Texas National Bank and Citizens
Bank will operate independently until approximately the fourth quarter of 2026, at which time the two banks will merge and operate as Citizens Bank. Following the merger, customers will be able to transact business at any of the 20 banking offices in East and Southeast Texas.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including but not limited to statements regarding the business of East Texas Financial Corporation, Citizens Bank, Texas National Bancorporation, Inc., Texas National Bank and other matters. Any statements about our expectations, beliefs, plans, predictions, protections, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking statements. Forward-looking statements are typically, but not exclusively, identified by the use of forward-looking terminology such as “believes,” “expects,” “could,” “may,” “will,” “should,” “seeks,” “likely,” “intends” “plans,” “pro forma,” “projects,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance and actual results may differ materially from those expressed or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.