SEGUIN – First Commercial Financial Corp, the holding company for First Commercial Bank, N.A., Seguin, Texas, and Jourdanton Bancshares, Inc., the holding company for Jourdanton State Bank, today announced that they have entered into a definitive agreement to combine the two organizations. Under the terms of the definitive agreement, shareholders of Jourdanton Bancshares will receive cash and shares of First Commercial Bank stock. The combined bank will operate under the First Commercial Bank brand.
First Commercial Bank President and CEO Mark Long stated, “We are pleased to be able to announce this transaction with Jourdanton Bancshares. First Commercial Bank and Jourdanton State Bank share the same approach to community banking, with a conservative lending philosophy, customer oriented service, and community involvement and support. Jourdanton State Bank customers can expect to continue to receive the same high touch personal services they are accustomed to from their existing bankers, with the added advantage of the resources of a larger bank.”
Jerome Schuchart, President of Jourdanton Bancshares commented, “We are excited to join an organization that shares our philosophical approach of conservative underwriting and exceptional client service. Our customers will continue to enjoy the benefits of local decision-making while gaining access to an expanded branch network. First Commercial Bank is a great fit for the long-term value of our shareholders, and we believe our franchise will meaningfully contribute to the combined institution.”
Mark Long will continue to serve as the President and CEO of First Commercial Bank. Jerome Schuchart will facilitate the combination of the two organizations as a consultant providing advisory services. The officers and employees of Jourdanton State Bank will become officers and employees of First Commercial
Bank. Al Steinle, a current director at Jourdanton State Bank, will join the First Commercial Bank Board of Directors.
The merger has been approved by the Boards of Directors of both companies and the shareholders of Jourdanton Bancshares. Regulatory applications have been filed and the transaction is expected to close promptly following regulatory approval.
First Commercial Bank is headquartered in Seguin and operates two branch offices in New Braunfels. As of September 30, 2015, First Commercial Bank had total assets of $157 million.
Jourdanton State Bank is headquartered in Jourdanton and operates two branches in San Antonio and one branch in Pearsall. As of September 30, 2015, Jourdanton State Bank had total assets of $170 million.