East Texas Financial in Kilgore has agreed to buy Texas National Bancorp. in Jacksonville.
The parent of the $488 million-asset Citizens Bank did not disclose how much it plans to pay for the $836 million-asset Texas National. The deal is expected to close in the fourth quarter.
The acquisition “represents a strategic step forward … enabling us to expand our presence in new communities in East Texas while maintaining local, East Texas ownership,” John Mills, president and CEO of Citizens Bank, said in the release.
East Texas Financial will operate as a two-bank holding company.