Henderson-based VeraBank announced on December 18 that it has entered into an agreement to acquire Carthage-based Panola National Bank. Established in 1983, Panola National Bank has two locations, Carthage and Marshall, and assets totaling $125 million. This transaction will expand VeraBank into Panola County for the first time and increase its presence in East Texas. Subject to regulatory approval and approval of the Panola National Bank shareholders, this is anticipated to close at the end of the first quarter or beginning of the second quarter in 2021.
“We are proud to be partnering with Panola National Bank and have long admired the job this bank and group of bankers have done,” says Brad Tidwell, president and CEO of VeraBank. “It is an exciting opportunity to serve the people of Panola County and we look forward to expanding on the genuine style of banking to which they are accustomed.”
“We’re very excited about what this partnership will bring to our customers, employees and the communities we serve,” says Warren Biggs, chairman and CEO of Panola National Bank. “VeraBank has an outstanding reputation in East Texas and we know it will continue the tradition of supporting our local community and economy.”
Established in 1930, VeraBank is a privately owned community bank that serves the East and Central Texas area, as well as Metro Austin. It has a network of 36 branches and $3 billion in assets, with trust assets under management of approximately $785 million.