Alliance BancShares Inc., and its wholly owned subsidiary, Alliance Bank, today announced that it has entered into a definitive agreement to acquire 100% of the issued and outstanding shares of common stock of Mount Vernon BankShares, Inc. which owns all of the stock of First National Bank of Mount Vernon, Texas. Pending shareholder and regulatory approval and satisfaction of certain other closing conditions, the bank holding companies and their subsidiary banks are expected to merge in early 2019, with Alliance Bancshares, Inc. and Alliance Bank being the survivors of the mergers. Alliance BancShares, Inc. was advised in this transaction by Fenimore, Kay, Harrison and Ford, LLP, as legal counsel, and The Bank Advisory Group, LLC. Mount Vernon Bankshares was advised by Beard, Kultgen, Brophy, Bostwick and Dickson, PLLC as legal counsel. Piper Jaffray & Co. was financial advisor to Mount Vernon Bankshares, Inc. and issued a fairness opinion to the Board of Directors.
As of September 30, 2018, Alliance Bank had total assets of $740 million. On a combined basis, Alliance Bank and First National Bank will have approximately $930 million in total assets.
“I am excited to announce the proposed acquisition of, and merger with, First National Bank of Mount Vernon and Alliance Bank,” said Tom Sellers, President and CEO of Alliance Bank. “This merger with First National Bank is beneficial for our customers and employees as both institutions share a storied history of core values, sense of culture, and philosophy related to community banking. Combining our banks will allow us to better serve the growing needs of our customers and communities, providing new opportunities for the development and growth of the employees of our combined organization,” continued Sellers.
“This is an excellent opportunity for First National Bank to become part of an organization that will enable us to offer our customers and the communities we serve a broader array of financial services while still maintaining the convenience of local decision makers. We are so pleased to join forces with a company that shares a similar approach to how we serve our customers, our employees, and our communities,” said Kenneth Greer, President of First National Bank.
Charles L. Lowry, member of the Board of Directors of First National Bank for almost 45 years, stated “I have witnessed the changes in the banking industry and the continuing challenges in offering the best in products and services to our customers. I am pleased to move forward with this association which will allow these challenges to be met, while continuing to provide friendly, hometown service.”
“First National Bank of Mount Vernon is a tremendous community bank, with this merger, we look forward to broadening our ability to better serve our expanding customer base across Northeast Texas. The entire First National Bank family should be very proud of the exceptional bank and reputation they have built,” stated Sellers.
About Alliance Bank
Alliance Bank was established in 1927 with corporate offices in Sulphur Springs, Texas and began serving Greenville and Hunt County in July of 1990. It expanded into Wolfe City and Commerce in August of 1993. In February 1996, Alliance Bank purchased Colonial Bank of Greenville and now has (2) branches serving that community. Alliance Bank completed construction of its initial branch in Rockwall, Texas in October 2005 and now operates (2) branches in Rockwall. In July of 2015, Alliance Bank opened a Loan Production Office in McKinney, Texas. Additionally, Alliance Bank owns and operates Galyean Insurance Agency and Alliance Bank’s brokerage services, Alliance Bank Financial Services. For more information, visit www.alliancebank.com.Opens a New Window. Member FDIC – Equal Housing Lender.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, and are not insured by any financial institution insurance, the FDIC/NCUA or any other government agency, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal. Raymond James is not affiliated with the financial institution or the investment center.
About First National Bank of Mount Vernon
First National Bank of Mount Vernon was chartered in 1900, currently with corporate offices and three banking locations in Mount Vernon and Franklin County. First National began serving the residents and visitors to the Cypress Springs area in 1992 and completed a newly-constructed branch in 2016. First National opened a full-service branch inside the Brookshire’s Grocery Store in Mount Vernon in 1996. For more information, visit www.fnbmv.comOpens a New Window.. Member FDIC – Equal Housing Lender.