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," commented 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 who 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."
Happy State Bank President and CEO Mikel Williamson added, "Tahoka is such a great community, and this is a fantastic opportunity for both banks. We can't wait to welcome FNB Tahoka and its customers to the Happy family."
"During my tenure as president of First National Bank of Tahoka, I have watched Happy State Bank grow from humble beginnings to a strong, highly respected organization with a presence throughout the Panhandle and beyond," said John Krey, president of First National Bank of Tahoka. "Every community in which Happy State Bank is located has benefited from its leadership and community support. With its size and strong capital position, Happy State Bank will be able to bring products and services not previously available to our customers in Tahoka and all of Lynn County, which needs and deserves the best. Continue to look for those familiar faces when you visit the bank."
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 of 2021, pending bank regulatory and shareholder approval.
About Happy State Bank
With over $5 billion in assets, Happy State Bank was founded in 1908 in Happy, Texas and today is headquartered in Amarillo, Texas. Happy State Bank offers a broad range of financial services and products through its current network of 57 bank branches in 41 communities across the Texas Panhandle, South Plains, Austin, Central Texas and the Dallas/Fort Worth Metroplex. Estimated to close in early 2021, Happy is also in the process of acquiring First Bank of Muleshoe, adding three new communities and branches to its total list. Happy State Bank can be found online at www.HappyBank.com.
