Lubbock-based Peoples Bancorp Inc. and its wholly owned subsidiary, Peoples Bank, announced the signing of a definitive agreement on December 30 to acquire Seymour-based Baylor Bancshares Inc. and its subsidiaries, First Bank & Trust and Baylor Mortgage Co. Inc. The acquisition is expected to close in the second quarter of 2021.
As of September 30, First Bank & Trust had approximately $144 million in assets and operates four branches in Seymour, Princeton, Whitney and Laguna Park. Upon completion of the transaction, the combined institution will have approximately $827 million in total assets, $476 million in total loans, $736 million in total deposits and $80 million in total capital.
“We are excited to welcome First Bank & Trust and its team to the Peoples Bank family,” says Larry Allen, chairman and CEO of Peoples Bank. “We have known Gene and Darrell Adams for many years. We have a tremendous amount of respect for them and have enjoyed getting to know many of the other folks at First Bank & Trust. It’s a great cultural fit, and we look forward to continued outstanding service to our existing customers and to the new customers in the stable, strong community of Seymour, the growing city of Princeton, the recreational destination of Whitney and Laguna Park, near Lake Whitney.”
“We believe this merger with Peoples Bank will be beneficial for everyone involved,” says Gene Adams, chairman of the board, and Darrell W. Adams, president and CEO of First Bank & Trust. “Our family has been privileged to serve our community since the early 1960s. This bank has served its community well since it began in 1890 and we are confident our customers will enjoy expanded product offerings and services while continuing to receive the same high level of care and attention from people that they know and trust.”
Hillworth Bank Partners acted as financial advisor to Peoples Bancorp and Fenimore, Kay, Harrison & Ford LLP acted as legal counsel. Thompson & Knight LLP acted as legal counsel to Baylor Bancshares Inc.
Peoples Bank currently operates nine locations across West Texas in Lorenzo, Lubbock, Nazareth, Post, Seminole, Shallowater and Slaton. A mortgage lending operation is also located in Lubbock.