Henderson-based VeraBank announced in mid-May that it has completed its acquisition Carthage-based Panola National Bank. Panola National Bank has two locations, Carthage and Marshall, and assets totaling more than $130 million. This transaction expands VeraBank’s footprint into Panola County for the first time and increases its presence in East Texas.
“Bringing our two organizations together will be a true win/win, and we’re proud to be able to serve more customers and more markets with our genuine style of banking,” says Brad Tidwell, president and CEO of VeraBank.
Combining the banks takes VeraBank from $3.1 billion to $3.2 billion in assets and from 36 to 38 branches. VeraBank anticipates converting the charter and operations of Panola National Bank into VeraBank later this summer.
Established in 1930, VeraBank is a privately owned community bank that serves the East and Central Texas area, as well as metro Austin. Panola National Bank was chartered in 1983.