On December 11, J. Pat Hickman, chairman of Amarillo-based Happy State Bank, and Frederick B. Hegi Jr., chairman of Tahoka-based First National Bank of Tahoka (FNB), announced that Happy State Bank is acquiring First National Bank of Tahoka through a merger. FNB Tahoka holds approximately $56 million in total assets and has one location in Tahoka. The transaction is expected to close in the first quarter of 2021.
As a result of the transaction, Happy State Bank will assume FNB Tahoka’s approximately $12 million in loans and $50 million in deposits, increasing its total assets to roughly $5.6 billion and growing its location count to 61 branches in 45 Texas communities.
“We are very excited about expanding the Happy footprint further into the South Plains,” Hickman says. “FNB Tahoka is a great bank with great bankers. They care about and serve their community so very well. We look forward to building on their great reputation.”
“The Hegi family has been actively involved with the bank and community for the past 91 years,” Hegi notes. “Given our roots in Lynn County and those of the other bank directors, it was very important to turn the ownership over to an organization that also has deep West Texas roots and is actively involved in the agricultural industry. Happy State Bank and its leadership have a great respect for the industry and demonstrate a strong desire to support local schools, hospitals, farmers and small businesses. We could not be more pleased."
“Tahoka is such a great community, and this is a fantastic opportunity for both banks,” says Mikel Williamson, Happy State Bank president and CEO, “We can't wait to welcome FNB Tahoka and its customers to the Happy family.”
“During my tenure as president of First National Bank of Tahoka, I have watched Happy State Bank grow from humble beginnings to a strong, highly respected organization with a presence throughout the Panhandle and beyond," says John Krey, president of FNB Tahoka. “Every community in which Happy State Bank is located has benefited from its leadership and community support. With its size and strong capital position, Happy State Bank will be able to bring products and services not previously available to our customers in Tahoka and all of Lynn County, which needs and deserves the best. Continue to look for those familiar faces when you visit the bank."
Established in 1908 in Happy, Happy State Bank has more than $5 billion in assets. It operates 57 bank branches in 41 communities across the Texas Panhandle, South Plains, Austin, Central Texas and the Dallas/Fort Worth Metroplex. Estimated to close in early 2021, Happy State Bank is also in the process of acquiring First Bank of Muleshoe, adding three new communities and branches to its total list.