On July 17, Plano-based Future Financial Bankshares Inc., a recently formed Texas corporation, announced that it has signed a definitive agreement to acquire Palmer Bancshares Inc. and its wholly owned subsidiary, Palmer-based Commercial State Bank.
Future Financial Bankshares was founded by CEO Jeffrey A. Kesler, a seasoned banker with more than 25 years of experience. The company intends to build upon the foundation established by Commercial State Bank, while expanding banking services for customers and using technology to strengthen customer relationships and improve the daily work life of employees.
“We were looking to acquire a strong bank we could build upon and grow for the future,” Kesler says. “We found that foundation in Commercial State Bank, which has been faithfully led by Phillip Newsom and his family for the past 30 years. We intend to preserve the local decision-making, relationships and customer service culture that have defined Commercial State Bank for decades.”
“[Commercial State Bank] was founded more than 95 years ago and it has passionately served its communities through numerous changes in the banking industry,” Phillip Newsom, who currently serves as chairman and CEO, notes. “This is an opportunity for the bank to remain independent and retain its character as a community institution, but with added resources. I am also pleased that Chad Newsom [current president] will continue with Commercial State Bank following the acquisition.”
Future Financial was advised on the acquisition by Fenimore Kay Harrison LLP and Commerce Street Capital LLC. Commercial State Bank was advised on the transaction by Bradley Arant Boult Cummings LLP.
Established in 1930, Commercial State Bank has banking offices in Palmer, Ferris and Wilmer. As of March 31, it had total assets of approximately $121.3 million, total loans of approximately $43.1 million, total deposits of approximately $108.5 million and total equity of approximately $12.4 million.
