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
July 3, 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 July 3, 2001, First Financial Bankshares, Inc. (the "Company") acquired
all of the shares of City Bancshares, Inc. ("City Bancshares") pursuant to a
Stock Purchase Agreement (the "Purchase Agreement") previously entered into on
April 10, 2001. Pursuant to the Purchase Agreement, the Company paid $16,500,000
for all of the outstanding shares of City Bancshares. Prior to closing under the
Purchase Agreement, the Company obtained the approval of the Board of Governors
of the Federal Reserve System and other federal and state regulatory
authorities.
City Bancshares is a Texas corporation and registered bank holding company
under the Bank Holding Company Act of 1956, as amended. City Bancshares through
its subsidiary City Delaware Financial Corporation ("City Delaware") is the
owner of City National Bank. 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
does not offer trust services. City National Bank provides a full range of both
commercial and consumer banking services, including loans, checking accounts,
savings programs, safe deposit facilities, access to automated teller machines
and credit card programs. City National Bank was chartered in 1925 and as of
June 30, 2001, had assets totaling $91,461,000 and shareholders' equity of
$8,447,833.
Pursuant to prior regulatory approvals, and conditioned upon compliance
with Texas and Delaware corporations laws, City Delaware will be merged into
City Bancshares, and thereafter, City Bancshares will be merged into First
Financial Bankshares of Delaware, Inc., a Delaware corporation and bank holding
company, ("FFB Delaware"), the Company's wholly owned subsidiary. Upon
completion of the aforedescribed mergers, City National Bank will become a
direct subsidiary of FFB Delaware.
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: July 10, 2001 By: /S/Curtis R. Harvey
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CURTIS R. HARVEY
Executive Vice President and
Chief Financial Officer