Happy State Bank to acquire First National Bank of Tahoka
In a joint statement, J. Pat Hickman, chairman of Happy State Bank, and Frederick B. Hegi Jr., chairman of First National Bank of Tahoka, announced that Happy State Bank is acquiring, through a merger, First National Bank of Tahoka. The bank holds approximately $56 million in total assets and has one location in Tahoka.
“We are very excited about expanding the Happy footprint further into the South Plains,” said Hickman. “FNB Tahoka is a great bank with great bankers. They care about and serve their community so very well. We look forward to building on their great reputation.”
“The Hegi family has been actively involved with the bank and community for the past 91 years,” added Hegi. “Given our roots in Lynn County and those of the other bank directors, it was very important to turn the ownership over to an organization that also has deep West Texas roots and is actively involved in the agricultural industry. Happy State Bank and its leadership have a great respect for the industry and demonstrate a strong desire to support local schools, hospitals, farmers and small businesses. We could not be more pleased.”
As a result of the transaction, Happy will assume First National Bank of Tahoka’s approximately $12 million in loans and $50 million in deposits, increasing its total assets to roughly $5.6 billion and growing its location count to 61 branches in 45 Texas communities. The transaction is expected to close in the first quarter, pending bank regulatory and shareholder approval.
Happy is also in the process of acquiring First Bank of Muleshoe, adding three new communities and branches to its total list.