On January 8, the First National Bank of Eldorado and Lubbock-based Western Bank announced the signing of a definitive agreement providing for the First National Bank of Eldorado’s acquisition of the Loraine branch of Western Bank. The transaction is targeted for completion by the end of the first quarter of 2025.
“We are excited to be expanding our branch network into Loraine, Colorado City and the surrounding area,” says Mason Vaughan, president and CEO of the First National Bank of Eldorado. “The addition of this location will complement our existing locations and enable us to service a larger market area effectively.”
The First National Bank of Eldorado will assume approximately $17.5 million of deposits associated with the Loraine branch and will also purchase certain loans and other assets associated with the branch, including premises and equipment.
The law firm of Holland & Knight LLP acted as legal counsel to the First National Bank of Eldorado in the transaction.
Established in 1907, First National Bank of Eldorado has headquarters in Eldorado and a loan production office in San Angelo. It also operates an LPO in Colorado City, which will be consolidated into the Loraine branch once the transaction with Western Bank is completed.
Established in 1909, Western Bank has more than $800 million in assets and 10 full-service branches serving Abilene, Amarillo, Big Spring, Brownwood, Gruver, Loraine, Lubbock and Plainview.
