o | Fee computed on table below per Exchange ActRules 14a-6(i)(1) and 0-11. |
1) | Title of each class of securities to which transaction applies: |
2) | Aggregate number of securities to which transaction applies: |
3) | Per unit price or other underlying value of transaction computed pursuant to Exchange ActRule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): $ |
4) | Proposed maximum aggregate value of transaction: $ |
5) | Total fee paid: $ |
o | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
1) | Amount Previously Paid: $ |
2) | Form, Schedule or Registration Statement No.: |
3) | Filing Party: |
4) | Date Filed: |
400 Pine Street
Abilene, Texas 79601
325.627.7155
400 Pine Street
Abilene, Texas 79601
325.627.7155
TO BE HELD APRIL 22, 2008
2
Shares of | ||||||||||||||||||
Bankshares | Percent | |||||||||||||||||
Years as | Principal Occupation | Beneficially | of Shares | |||||||||||||||
Name | Age | Director(1) | During Last Five Years | Owned | Outstanding | |||||||||||||
Tucker S. Bridwell | 56 | 1 | President, Mansefeldt Investment Corporation | 39,338 | (2) | 0.19 | % | |||||||||||
Joseph E. Canon | 65 | 12 | Executive Director, Dodge Jones Foundation, a private charitable foundation | 8,110 | 0.04 | % | ||||||||||||
Mac A. Coalson | 68 | 12 | Mac A. Coalson Real Estate | 230,160 | 1.11 | % | ||||||||||||
David Copeland | 52 | 10 | President, SIPCO and Shelton Family Foundation, a private charitable foundation | 167,883 | (3) | 0.81 | % | |||||||||||
F. Scott Dueser | 54 | 17 | See “Executive Officers” on page 6(7) | 233,508 | (4)(5) | 1.12 | % | |||||||||||
Murray Edwards | 56 | 2 | Principal, The Edwards Group | 33,707 | (6) | 0.16 | % | |||||||||||
Derrell E. Johnson | 68 | 8 | Former President and CEO Rady and Associates, Consulting Engineers | 42,000 | 0.20 | % | ||||||||||||
Kade L. Matthews | 49 | 10 | Ranching and Investments | 189,621 | 0.91 | % | ||||||||||||
Kenneth T. Murphy | 70 | 37 | Chairman, First Financial Bankshares, Inc.(7) | 146,877 | 0.71 | % | ||||||||||||
Dian Graves Stai | 67 | 15 | Chair, Dian Graves Owen Foundation, a private charitable foundation | 72,593 | 0.35 | % | ||||||||||||
F. L. Stephens | 69 | 10 | Retired Chairman and Chief Executive Officer, Town & Country Food Stores, Inc. | 100,000 | 0.48 | % | ||||||||||||
Johnny E. Trotter | 56 | 5 | President & CEO, Livestock Investors, Ltd. | 102,681 | 0.49 | % | ||||||||||||
Shares beneficially owned by all executive officers and directors* | 1,423,991 | (5) | 6.86 | % |
* | See “Security Ownership of Certain Beneficial Owners and Management.” | |
(1) | The years indicated are the approximate number of years each person has continuously served as a director, or, prior thereto, of First Financial Bank, N.A., Abilene, which became our wholly-owned subsidiary in April 1973, when all the then directors of First Financial Bank, N.A., Abilene became our directors. | |
(2) | Includes 31,249 shares that are owned by a private foundation for which Mr. Bridwell serves as trustee or president to which he disclaims beneficial ownership. Mr. Bridwell is also a director of Petrohawk Energy Corporation and Concho Resources, Inc. | |
(3) | Includes 157,215 shares that are owned by trusts for which Mr. Copeland serves as trustee or co-trustee to which he disclaims beneficial ownership. Mr. Copeland is also a director ofHarte-Hanks, Inc. | |
(4) | Includes 39,988 shares owned by his wife of which he disclaims beneficial ownership. | |
(5) | Includes shares indirectly owned as of February 1, 2008 through the employee stock ownership plan portion of the profit sharing plan which each participant has sole voting powers, as follows: Mr. Dueser — 25,036 and all executive officers as a group — 30,502. | |
(6) | Includes 835 shares our common stock owned by Mr. Edwards’ spouse. Mr. Edwards and his wife were a 27.5% owner of Clyde Financial Corporation that was acquired by the Company in February 2005. See Annual Report onForm 10-K for additional disclosures related to this acquisition. | |
(7) | Effective January 1, 2008, the Board of Directors elected Mr. Dueser Chairman of the Board of Directors and, in light of his years of service, Mr. Murphy was named Senior Chairman of the Board. |
3
RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS THE COMPANY’S
INDEPENDENT AUDITORS FOR THE YEAR 2008
Shares of | ||||||||||||||||
Years | Bankshares | Percent of | ||||||||||||||
Served in | Principal Occupation | Beneficially | Shares | |||||||||||||
Name | Age | Office | Such Office | During Past 5 Years | Owned | Outstanding | ||||||||||
F. Scott Dueser | 54 | Chairman of the Board, President and Chief Executive Officer | 7 | President and Chief Executive Officer of First Financial Bankshares, Inc.; Chairman, First Financial Bank, N.A., Abilene* (4) | 233,508 | (1)(2) | 1.12 | % | ||||||||
Gary S. Gragg | 48 | Executive Vice President | 2 | Executive Vice President of First Financial Bankshares, Inc.; Senior Vice President of First Financial Bankshares, Inc. (1996 to 2005) | 9,188 | (1)(3) | 0.04 | % | ||||||||
J. Bruce Hildebrand | 52 | Executive Vice President and Chief Financial Officer | 5 | Executive Vice President and Chief Financial Officer of First Financial Bankshares, Inc.; Partner, KPMG LLP(1990-2002)(5) | 4,804 | (1) | 0.02 | % | ||||||||
Gary L. Webb | 50 | Executive Vice President | 5 | Executive Vice President of First Financial Bankshares, Inc.; Partner, BearingPoint (2002); Partner, Arthur Andersen (2001-2002) | 3,928 | (1)(3) | 0.02 | % |
* | A bank subsidiary. |
4
(1) | Includes shares indirectly owned as of February 1, 2008 through our employee stock ownership plan portion of the profit sharing plan, which each participant has sole voting power, as follows: Mr. Dueser — 25,036, Mr. Gragg — 3,149, Mr. Hildebrand — 624, and Mr. Webb — 502. | |
(2) | Includes 39,988 shares owned by his wife of which he disclaims beneficial ownership. | |
(3) | Includes 2,731 and 1,999 shares of our common stock issuable upon exercise of options presently exercisable or exercisable within 60 days of February 1, 2008 for Mssrs. Gragg and Webb, respectively. | |
(4) | Effective January 1, 2008, the Board of Directors of First Financial Bankshares, Inc. elected Mr. Dueser Chairman of the Board of Directors. Mr. Dueser also serves on the subsidiary bank board of directors in Abilene, Cleburne, Hereford, Mineral Wells, San Angelo, Southlake, Stephenville and Weatherford as well as the trust and technology subsidiaries. | |
(5) | Mr. Hildebrand also serves on the subsidiary bank board of directors in Eastland, San Angelo, Southlake, Stephenville and Sweetwater as well as the technology subsidiary. |
First State Bancorporation
Hancock Holding Company
Park National Corporation
Renasant Corporation
Southside Bancshares, Inc.
Sterling Bancshares, Inc.
Bank of the Ozarks, Inc.
Glacier Bancorp, Inc.
IberiaBank Corporation
Prosperity Bancshares, Inc.
Simmons First National Corporation
Southwest Bancorp, Inc.
Texas Capital Bancshares, Inc.
5
6
7
• | a person or entity directly or indirectly acquires securities of the Company representing more than 50% of the combined voting power entitled to vote generally in the election of directors of the then outstanding securities of the Company; or | |
• | any person or entity commences a tender offer or exchange offer to acquire any common stock of the Company (or securities convertible into common stock) for cash, securities or any other consideration in which after consummation of the offer, the person or entity directly or indirectly acquires beneficial ownership of securities of the Company representing more than 50% of the combined voting power entitled to vote generally in the election of directors of the then outstanding securities of the Company; or | |
• | the stockholders of the Company approve a reorganization, merger, consolidation, recapitalization, exchange offer, purchase of assets or other transaction, in each case, with respect to which the persons who were the beneficial owners of the Company immediately prior to such a transaction do not immediately after its completion, own more than 50% of the combined voting power entitled to vote generally in the |
8
election of directors of the reorganized, merged, recapitalized or resulting company’s then outstanding securities; or |
• | the stockholders of the Company approve a liquidation or dissolution of the Company; or | |
• | the Company sells or otherwise transfers (or one or more of its subsidiaries, sell or otherwise transfer), in one or more related transactions, assets aggregating 50% or more of the book value of the assets of the Company and its subsidiaries (taken as a whole). |
• | willful and continued failure by the employee to substantially perform his duties with the Company (other than any such failure resulting from the employee’s physical or mental incapacity due to injury or illness) after written demand for substantial performance is delivered to the employee by the Company, or | |
• | willful engaging by the employee in conduct which is demonstrably injurious to the Company, monetarily or otherwise. |
• | a determination by the employee, made in good faith and based on the employee’s reasonable belief, that there has been a materially adverse change in his status or position as an executive officer of the Company as in effect immediately prior to the change in control, including any material change in the employee’s status or position as a result of a diminution in the employee’s duties or responsibilities or the assignment to the employee of any duties or responsibilities which are inconsistent with his status or position, or any removal of the employee from or failure to reappoint or reelect the employee to such position; or | |
• | a reduction by the Company in the employee’s annual base salary in effect immediately prior to the change in control; or | |
• | the relocation of the employee’s principal office outside of the city or metropolitan area in which the employee is residing at the time of any change in control; or | |
• | the failure by the Company to continue in effect any benefit plan in which the employee participates at the time of the change in control other than as a result of the normal expiration of any such plan in accordance with its terms as in effect at the time of the change in control; or | |
• | the failure by the Company to provide and credit the employee with the number of paid vacation days to which the employee is then entitled in accordance with the Company’s normal vacation policy as in effect immediately prior to the change in control; or | |
• | the failure by any successor corporation to the Company to assume the executive recognition agreement. |
9
Name | Amount | |||
F. Scott Dueser, President and CEO | $ | 905,000 | ||
J. Bruce Hildebrand, Executive Vice President & CFO | $ | 572,000 | ||
Gary L. Webb, Executive Vice President | $ | 490,000 | ||
Gary S. Gragg, Executive Vice President | $ | 343,000 |
Change in | ||||||||||||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||||||
Value and | ||||||||||||||||||||||||||||||||||||
Non-Equity | Nonqualified | |||||||||||||||||||||||||||||||||||
Stock | Option | Incentive Plan | Deferred | All Other | ||||||||||||||||||||||||||||||||
Name and | Salary | Bonus | Awards | Awards | Compensation | Compensation | Compensation | Total | ||||||||||||||||||||||||||||
Principal Position | Year | ($) | ($) | ($) | ($) | ($)(1) | �� | Earnings ($)(2) | ($)(3) | ($) | ||||||||||||||||||||||||||
F. Scott Dueser, | 2007 | 430,833 | — | — | 15,131 | — | 46,999 | 34,485 | 527,448 | |||||||||||||||||||||||||||
President/CEO | 2006 | 405,833 | 25,000 | — | 10,497 | 20,664 | 36,888 | 26,442 | 525,328 | |||||||||||||||||||||||||||
J. Bruce Hildebrand, | 2007 | 270,833 | — | — | 8,192 | — | 9,630 | 34,485 | 323,140 | |||||||||||||||||||||||||||
EVP/CFO | 2006 | 246,667 | — | — | 5,401 | 12,600 | 5,306 | 26,446 | 296,420 | |||||||||||||||||||||||||||
Gary L. Webb, | 2007 | 242,166 | — | — | 8,192 | — | 4,492 | 34,485 | 289,334 | |||||||||||||||||||||||||||
EVP | 2006 | 226,333 | — | — | 5,401 | 11,491 | 2,197 | 26,446 | 271,868 | |||||||||||||||||||||||||||
Gary S. Gragg, | 2007 | 162,500 | — | — | 6,843 | — | 2,307 | 23,529 | 195,179 | |||||||||||||||||||||||||||
EVP | 2006 | 146,667 | — | — | 4,139 | 7,560 | 2,150 | 16,395 | 176,911 |
(1) | Amount represents bonus earned related to achievement of pre-determined performance goals | |
(2) | Amount represents change in pension value plus amount contributed to “make whole” plan on behalf of each named executive officer |
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(3) | Amount represents amount contributed to profit sharing plan and 401(k) match on behalf of each named executive officer as well as country club dues paid for each named executive officer |
All Other | All Other | |||||||||||||||||||||||||||||||||||||||||||
Stock | Option | |||||||||||||||||||||||||||||||||||||||||||
Awards: | Awards: | |||||||||||||||||||||||||||||||||||||||||||
Number | Number of | Exercise or | Grant Date | |||||||||||||||||||||||||||||||||||||||||
of Shares | Securities | Base Price | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | of Stock | Underlying | of Option | of Stock | |||||||||||||||||||||||||||||||||||||||
Grant | Threshold | Target | Maximum | Threshold | Target | Maximum | or Units | Options | Awards | and Option | ||||||||||||||||||||||||||||||||||
Name | Date | ($) | ($) | ($) | ($) | ($) | ($) | (#) | (#) (1) | ($/Sh) | Awards (2) | |||||||||||||||||||||||||||||||||
F. Scott Dueser | 1-30-07 | — | — | — | — | — | — | — | 4,000 | $ | 40.98 | 29,240 | ||||||||||||||||||||||||||||||||
J. Bruce Hildebrand | 1-30-07 | — | — | — | — | — | — | — | 2,500 | $ | 40.98 | 18,275 | ||||||||||||||||||||||||||||||||
Gary L. Webb | 1-30-07 | — | — | — | — | — | — | — | 2,500 | $ | 40.98 | 18,275 | ||||||||||||||||||||||||||||||||
Gary S. Gragg | 1-30-07 | — | — | — | — | — | — | — | 2,500 | $ | 40.98 | 18,275 |
(1) | Stock option awards granted January 30, 2007 vest 20% annually commencing on the second anniversary of the grant date and expire 10 years from the grant date. | |
(2) | This amount represents the fair value of options granted in 2007 estimated based on Black-Scholes option pricing model in accordance with Statement of Financial Accounting Standards No. 123R, “Share-Based Payment.” |
11
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Incentive | ||||||||||||||||||||||||||||||||||||
Equity | Plan | |||||||||||||||||||||||||||||||||||
Equity | Incentive | Awards: | ||||||||||||||||||||||||||||||||||
Incentive | Plan | Market | ||||||||||||||||||||||||||||||||||
Plan | Awards: | or Payout | ||||||||||||||||||||||||||||||||||
Awards: | Market | Number of | Value of | |||||||||||||||||||||||||||||||||
Number of | Number of | Value of | Unearned | Unearned | ||||||||||||||||||||||||||||||||
Number of | Securities | Shares or | Shares or | Shares, | Shares, | |||||||||||||||||||||||||||||||
Securities | Number of | Underlying | Units of | Units of | Units or | Units or | ||||||||||||||||||||||||||||||
Underlying | Securities | Unexercised | Option | Stock | Stock | Other Rights | Other Rights | |||||||||||||||||||||||||||||
Unexercised | Underlying | Unearned | Exercise | Option | That Have | That Have | That Have | That Have | ||||||||||||||||||||||||||||
Options | Unexercised Option | Options | Price | Expiration | Not Vested | Not Vested | Not Vested | Not Vested | ||||||||||||||||||||||||||||
Name | (#) Exercisable | (#) Unexercisable | (#) | ($)(1) | Date(2) | (#) | ($) | (#) | ($) | |||||||||||||||||||||||||||
F. Scott Dueser | — | 2,334 | — | 23.10 | 5-5-13 | — | — | — | — | |||||||||||||||||||||||||||
— | 5,333 | — | 33.08 | 1-25-15 | — | — | — | — | ||||||||||||||||||||||||||||
— | 4,000 | — | 40.98 | 1-31-17 | — | — | — | — | ||||||||||||||||||||||||||||
J. Bruce Hildebrand | — | 1,334 | — | 23.10 | 5-5-13 | — | — | — | — | |||||||||||||||||||||||||||
— | 2,666 | — | 33.08 | 1-25-15 | — | — | — | — | ||||||||||||||||||||||||||||
— | 2,500 | — | 40.98 | 1-31-17 | — | — | — | — | ||||||||||||||||||||||||||||
Gary L. Webb | 1,999 | 1,334 | — | 23.10 | 5-5-13 | — | — | — | — | |||||||||||||||||||||||||||
— | 2,666 | — | 33.08 | 1-25-15 | — | — | — | — | ||||||||||||||||||||||||||||
— | 2,500 | — | 40.98 | 1-31-17 | — | — | — | — | ||||||||||||||||||||||||||||
Gary S. Gragg | 190 | — | — | 17.57 | 3-24-08 | — | — | — | — | |||||||||||||||||||||||||||
1,041 | — | — | 12.48 | 3-29-10 | — | — | — | — | ||||||||||||||||||||||||||||
1,500 | 1,000 | — | 23.10 | 5-5-13 | — | — | — | — | ||||||||||||||||||||||||||||
— | 2,000 | — | 33.08 | 1-25-15 | — | — | — | — | ||||||||||||||||||||||||||||
— | 2,500 | — | 40.98 | 1-31-17 | — | — | — | — |
(1) | All of the outstanding stock option awards vest 20% annually commencing on the second anniversary of the grant date and expire 10 years from the grant date. |
Option Awards | Stock Awards | |||||||||||||||
Number of Shares | Value Realized on | Number of Shares | Value Realized on | |||||||||||||
Name | Acquired on Exercise (#) | Exercise ($)(1) | Acquired on Vesting (#) | Vesting ($) | ||||||||||||
F. Scott Dueser | 1,166 | 20,533 | — | — | ||||||||||||
J. Bruce Hildebrand | 667 | 11,619 | — | — | ||||||||||||
Gary L. Webb | — | — | — | — | ||||||||||||
Gary S. Gragg | 500 | 11,475 | — | — |
(1) | Amount represents the difference between the option exercise price and the actual stock price on the date exercised. |
12
Number of Years | Present Value of | |||||||||||||
Credited Service | Accumulated Benefit | Payments During | ||||||||||||
Name | Plan Name | (#) | ($) | Last Fiscal Year ($) | ||||||||||
F. Scott Dueser | Defined Benefit | 27 | 215,624 | None | ||||||||||
Pension | ||||||||||||||
J. Bruce Hildebrand | Defined Benefit | 1 | 10,750 | None | ||||||||||
Pension | ||||||||||||||
Gary L. Webb | Defined Benefit | — | — | None | ||||||||||
Pension | ||||||||||||||
Gary S. Gragg | Defined Benefit | 13 | 35,260 | None | ||||||||||
Pension |
Aggregate | Aggregate | |||||||||||||||||||
Executive | Registrant | Earnings | Withdrawals/ | Aggregate | ||||||||||||||||
Contributions | Contributions | (Losses) in | Distributions | Balance at | ||||||||||||||||
Name | in Last FY ($) | in Last FY ($) | Last FY ($)(1) | ($) | Last FYE ($) | |||||||||||||||
F. Scott Dueser | — | 32,893 | (3,709 | ) | — | 77,997 | ||||||||||||||
J. Bruce Hildebrand | — | 8,927 | (649 | ) | — | 16,824 | ||||||||||||||
Gary L. Webb | — | 4,491 | (350 | ) | — | 8,755 | ||||||||||||||
Gary S. Gragg | — | — | — | — | — |
(1) | Plan invests all funds received in Company Stock which decreased in value 7.6% (including dividends paid) from January 1, 2007 to December 31, 2007. |
13
Change in | ||||||||||||||||||||||||||||
Pension Value | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Fees | Nonqualified | |||||||||||||||||||||||||||
Earned or | Non-Equity | Deferred | All Other | |||||||||||||||||||||||||
Paid in | Stock | Option | Incentive Plan | Compensation | Compensation | |||||||||||||||||||||||
Name | Cash ($) | Awards ($) | Awards ($) | Compensation | Earnings ($) | ($) | Total ($) | |||||||||||||||||||||
Tucker S. Bridwell | 12,000 | — | — | — | — | — | 12,000 | |||||||||||||||||||||
Joseph E. Canon | 17,500 | — | — | — | — | — | 17,500 | |||||||||||||||||||||
Mac A. Coalson | 22,500 | — | — | — | — | — | 22,500 | |||||||||||||||||||||
David Copeland | 22,000 | — | — | — | — | — | 22,000 | |||||||||||||||||||||
Murray Edwards | 14,500 | — | — | — | — | — | 14,500 | |||||||||||||||||||||
Derrell E. Johnson | 16,500 | — | — | — | — | — | 16,500 | |||||||||||||||||||||
Kade L. Matthews | 12,500 | — | — | — | — | — | 12,500 | |||||||||||||||||||||
Bynum Miers | 16,000 | — | — | — | — | — | 16,000 | |||||||||||||||||||||
Kenneth T. Murphy(1) | 16,500 | — | — | — | — | — | 16,500 | |||||||||||||||||||||
Dian Graves Stai | 16,500 | — | — | — | — | — | 16.500 | |||||||||||||||||||||
F. L. Stephens | 19,000 | — | — | — | — | — | 19,000 | |||||||||||||||||||||
Johnny E. Trotter | 16,000 | — | — | — | — | — | 16,000 |
(1) | Amounts above do not include (1) $33,000 paid under the Company’s defined benefit pension plan and (2) $53,000 paid under a deferred compensation plan that expires in 2009. These payments were earned during Mr. Murphy’s previous employment with the Company before his retirement in 2002. |
14
Tucker S. Bridwell | Kade L. Matthews | |
Joseph E. Canon | Bynum Miers | |
Mac A. Coalson | Kenneth T. Murphy | |
David Copeland | Dian Graves Stai | |
Murray Edwards | F. L. Stephens | |
Derrell E. Johnson | Johnny E. Trotter |
15
• | representation of a major business, profession, industry or segment of the economy; | |
• | our needs with respect to the particular talents and experience of our directors; | |
• | the knowledge, skills and experience of nominees, particularly with respect to the community banking business in North Central and West Texas; | |
• | a nominee’s experience with accounting rules and practices, finance, management and leadership opportunities; | |
• | leadership in the community and possession of an appreciation of the relationship of our banking business to the communities we serve; and | |
• | other requirements that may be imposed by the bank regulatory agencies. |
16
17
Joseph E. Canon
Mac A. Coalson
Kade L. Matthews
Dian Graves Stai
18
Tucker S. Bridwell
Murray Edwards
Derrell E. Johnson
Johnny E. Trotter
19
Year Ended December 31, | ||||||||
2007 | 2006 | |||||||
Audit Fees | $ | 330,750 | $ | 294,775 | ||||
Audit Related Fees | None | None | ||||||
Tax Fees | None | None | ||||||
All Other Fees | None | None |
20
• | The loans must be made on substantially the same terms, including interest rates and collateral, as prevailing at the time for comparable transactions with persons not affiliated with us or the subsidiary banks; | |
• | The subsidiary banks must follow credit underwriting procedures at least as stringent as those applicable to comparable transactions with persons who are not affiliated with us or the subsidiary banks; and | |
• | The loans must not involve a greater than normal risk of repayment or other unfavorable features. |
21
• | general economic conditions, including our local and national real estate markets; | |
• | legislative and regulatory actions and reforms; | |
• | competition from other financial institutions and financial holding companies; | |
• | the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; | |
• | changes in the demand for loans; | |
• | fluctuations in value of collateral and loan reserves; | |
• | inflation, interest rate, market and monetary fluctuations; | |
• | changes in consumer spending, borrowing and savings habits; | |
• | our ability to attract deposits; | |
• | consequences of continued bank mergers and acquisitions in our market area, resulting in fewer but much larger and stronger competitors; | |
• | expansion of operations, including branch openings, new product offerings and expansion into new markets; and | |
• | acquisitions and integration of acquired businesses. |
22
23
THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE FOLLOWING: | Please Mark Here for Address Change or Comments | o | |||||||||||||||||
SEE REVERSE SIDE | |||||||||||||||||||
FOR ALL o | WITHHELD FOR ALL o | EXCEPTIONS o | FOR o | AGAINST o | ABSTAIN o | ||||||||||||||
(1) | The election of directors: | (2) | Ratify the appointment by our audit committee of Ernst & Young LLP as our independent auditors for the year ending December 31, 2008. | ||||||||||||||||
NOMINEES: | |||||||||||||||||||
01. Tucker S. Bridwell 02. Joseph E. Canon 03. Mac A. Coalson 04. David Copeland 05. F. Scott Dueser 06. Murray Edwards | 07. Derrell E. Johnson 08. Kade L. Matthews 09. Kenneth T. Murphy 10. Dian Graves Stai 11. F. L. Stephens and 12. Johnny E. Trotter. | ||||||||||||||||||
(PLEASE DATE, SIGN AND RETURN THIS PROXY IN THE ENCLOSED SELF-ADDRESSED AND POSTMARKED ENVELOPE.) | |||||||||||||||||||
Withheld for the nominees you list below: (Write that nominee’s name in the space provided below.) | |||||||||||||||||||
Signature | Signature | Date | |||||||||||||||||
By signing in the space provided below, you are hereby acknowledging receipt of the proxy statement dated March 14, 2008, and hereby revoking any proxy or proxies heretofore given to vote at the annual meeting or any adjournment thereof. Please date your proxy and sign in the space provided, exactly as your name or names appear; when signing as attorney, executor, administrator, trustee or guardian, please give title. Each joint owner is required to sign. |
Ù FOLD AND DETACH HERE Ù |
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FIRST FINANCIAL BANKSHARES, INC.
FIRST FINANCIAL BANKSHARES, INC.
FOR THE ANNUAL MEETING OF SHAREHOLDERS
APRIL 22, 2008
I hereby appoint Tucker Bridwell and David Copeland, or either of them acting in the absence of the other, as proxyholders, each with the power to appoint his substitute, and hereby authorize them to represent me and to vote for me as directed at the annual meeting of First Financial Bankshares, Inc., a Texas corporation, to be held on April 22, 2008, at 10:30 a.m., Central time, in the Abilene Civic Center, 1100 North 6th Street, Abilene, Texas, and at any postponement or any adjournment thereof.
This proxy when properly executed will be voted in the manner directed, or if no direction is indicated, in accordance with the recommendation of the board of directors on each proposal. This proxy will be voted, in the discretion of the proxyholders, upon such other business as may properly come before the annual meeting or any adjournment thereof.
(Continued, and to be marked, dated and signed, on the other side)
Address Change/Comments (Mark the corresponding box on the reverse side) | ||
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