First State Bank, a 75-year-old bank in Hemphill, has been acquired by a Natchitoches, Louisiana firm. A Monday afternoon announcement from the financial institutions said that Grant Bancshares Inc., the parent company over BOM Bank, has signed a definitive agreement with First State Bank cementing the merger.
BOM officials said that although First State Bank will become a part of their company, no staffing changes are anticipated.
The Hemphill location at 101 Worth Street will become the fifteenth in the BOM chain and the only Texas location, with the other fourteen BOM branches being located in Louisiana.
The company says that as of March 2019, First State Bank had approximately $61.6 million in total assets and $53.4 million in total deposits. Following the merger of the banks, BOM Bank is expected to have approximately $500 million in total combined assets and approximately $450 million in total combined deposits.
First State Bank was established in Hemphill in 1944.