On June 28, the board of directors of Plains Bancorp Inc., the parent company of Dimmitt-based First United Bank, announced that the company has entered into a definitive agreement with Childress Bancshares Inc., the parent company of First Bank and Trust of Childress, whereby First United Bank will acquire First Bank and Trust. Following the acquisition, the operations of First Bank and Trust will continue as a full-service banking center of First United Bank operated by existing personnel of First Bank and Trust. The transaction is expected to close in August 2021.
First United Bank operates 14 banking centers across West and North Texas in Amarillo, Canyon, Dimmitt, Earth, Lamesa, Littlefield, Lubbock, Seagraves, Seminole, Sudan and Wichita Falls. As of March 31, the bank reported total assets of $1.6 billion and total deposits of $1.4 billion. First Bank and Trust of Childress operates three banking centers in Childress and Paducah. As of March 31, it reported total assets of $149 million and total deposits of $137 million. The combined banking operations will have assets of approximately $1.8 billion, total deposits of $1.6 billion, loans of $1.1 billion and equity capital of $175 million.
“First United Bank is extremely proud to expand our bank into Childress and Paducah, as well as Childress and Cottle counties,” says R. Mark Bain, president and CEO of Plains Bancorp Inc. “This acquisition continues our strategic plan to expand our company into progressive banking markets throughout the West Texas and North Texas regions. We remain committed to the agricultural sector and the viability of community banking on the South Plains and the entire West Texas region.”
“This merger will provide our customers with access to expanded and enhanced banking products and services,” says Larry R. Johnson, president and CEO of First Bank and Trust of Childress. “First United Bank has a strong heritage and its financial strength and commitment to this region will create additional opportunities for our customers and market. Our bank will continue to have the same knowledgeable and friendly employees who are committed to our customers and our communities.”
Johnson will continue with First United Bank serving as market president and will join the board of directors of First United Bank as an advisory director.
Established in 1907, First United Bank present management and ownership have been with the bank since 1987. First Bank and Trust of Childress was established in 1909.
