VICTORIA, Texas, Oct. 8 /PRNewswire/ -- The Board of Directors of FVNB
Corp., (Nasdaq: FVNB) the holding company of First Victoria National Bank, has
approved a definitive agreement to acquire CBOT Financial Corporation, the
parent company of Citizens Bank of Texas, N.A. and CBOT Mortgage Company,
which definitive agreement was entered into on October 8, 1998. Founded in
1907 in New Waverly, Citizens Bank of Texas operates banking facilities in New
Waverly, Huntsville and The Woodlands, Texas. As of June 30, 1998, the bank
had approximately $80 million in total assets. The transaction is subject to
approval by regulatory authorities and the shareholders of CBOT Financial
Corporation and is expected to be finalized by year-end 1998 or early in the
first quarter of 1999.
Citizens Bank of Texas will continue to operate as an independent
subsidiary of FVNB Corp. with the Board of Directors, officers and staff being
retained. According to David M. Gaddis, President & C.E.O. of FVNB Corp.,
"This affiliation will enable our company to grow by entering other markets
while at the same time building on the longstanding history of independent
Texas banking and responsive personal service that Citizens Bank of Texas and
First Victoria National Bank are both well known for." Roger Lawrence,
President of Citizens Bank, states, "Our new affiliation with FVNB will allow
us to be even more competitive with a larger loan limit, trust services and
other services provided by FVNB."
Established in 1867, First Victoria National Bank is the second oldest
independent bank in Texas. At June 30, 1998 the Bank had approximately
$520 million in total assets. FVNB Corp. is a $520 million bank holding
company headquartered in Victoria with facilities in Victoria, Port Lavaca and
Taft, Texas.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical
facts contain forward looking information with respect to plans, projections
or future performance of the Company, the occurrence of which involve certain
risks and uncertainties detailed in the Company's filings with the Securities
and Exchange Commission.
SOURCE FVNB Corp.
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Related links:
http://www.fvnb.com
Company News On-Call:
http://www.prnewswire.com/comp/124759.html or fax,
800-758-5804, ext. 124759
CONTACT:
Beverly Kahanek, Vice President & Marketing
Officer of First Victoria National Bank, 512-572-6555
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