SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): Commission File Number
April 10, 2001 0-7674
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FIRST FINANCIAL BANKSHARES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Texas 75-0944023
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(State of Incorporation) (I.R.S. Employer
Identification No.)
400 Pine Street, Abilene, Texas 79601
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(Address of Executive Offices and Zip Code)
Registrant's Telephone Number (915) 627-7155
ITEM 5. Other Events
On April 10, 2001, First Financial Bankshares, Inc. (the "Company") entered
into a Stock Purchase Agreement (the "Purchase Agreement") with the principal
shareholder of City Bancshares, Inc. ("City Bancshares"). City Bancshares
through its subsidiary, City Delaware Financial Corporation ("City Delaware") is
the owner of City National Bank. Pursuant to the Purchase Agreement and provided
all of the shares of City Bancshares are tendered for purchase by the Company,
the Company will pay $16,500,000 for all of the outstanding shares of City
Bancshares. Acquisition of City Bancshares by the Company is subject to the
approval of the Board of Governors of the Federal Reserve System and other
federal and state regulatory authorities, as well as, subject to satisfaction of
the conditions contained in the Purchase Agreement. If the transaction is
approved by federal and state regulatory authorities, it is anticipated that the
acquisition of City Bancshares and its subsidiaries by the Company will be
closed during the third quarter of 2001. Conditioned upon completion of the
above-described transaction, City Bancshares and City Delaware will then be
merged with and into First Financial Bankshares of Delaware, Inc. ("FFB
Delaware"), the Company's wholly owned Delaware bank holding company, and
thereafter City National Bank will become a direct subsidiary of FFB Delaware.
City Bancshares is a Texas corporation and registered bank holding company
under the Bank Holding Company Act of 1956, as amended. City Bancshares owns
100% of the issued and outstanding capital stock of City Delaware, a Delaware
corporation and bank holding company, which owns 100% of the issued and
outstanding capital stock of City National Bank, a national banking association.
City Bancshares and City National Bank are located in the City of Mineral Wells,
Palo Pinto County, Texas, approximately 50 miles due west of Fort Worth, Texas.
City National Bank was chartered in 1925 and as of March 31, 2001, had assets
totaling $89,500,000 and shareholders' equity of $9,000,000.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST FINANCIAL BANKSHARES, INC.
(Registrant)
DATE: April 18, 2001 By: /S/Curtis R. Harvey
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CURTIS R. HARVEY
Executive Vice President and
Chief Financial Officer