DALLAS--(BUSINESS WIRE)--FNBK Holdings, Inc. has signed a definitive agreement to acquire the First National Bank of Kemp, Texas. FNBK Holdings, Inc. is a holding company formed by John Carona of Dallas for the purpose of acquiring a financial institution. Mr. Carona is the founder and CEO of Associa, the largest homeowner association management firm in the nation. In addition, Carona has served in the Texas Legislature since 1996. He was recently a shareholder in Dallas-based First Associations Bank, which sold during 2013.
The First National Bank of Kemp was established in 1901 and currently operates from its headquarters at 100 S. State Highway 274 in Kemp, Texas, approximately 45 miles southeast of Dallas. In addition, FNB maintains a branch at 316 Seven Points Drive in Seven Points, Texas. As of September 30, 2014, FNB had total assets of $53.9 million and total deposits of $47.2 million. It is the only local financial institution headquartered in Kemp and ranks 9th in market share in Kaufman County with 2.85% of the market for deposits.
Current bank management, led by President and CEO Vidal Jones, will remain in place with the bank. “I can hardly describe how excited we are about the opportunity to work with John Carona,” said Mr. Jones. “Having someone with his experience and resources come on board as our new owner will enable the bank to expand its mission to provide the independent and needed financial services to our communities.”
“Vidal Jones and his executive team are second to none,” said Mr. Carona. “We look forward to continuing to serve our customers in Kemp, Seven Points and the surrounding communities, while looking for strategic expansion opportunities in other markets.”
SAMCO Capital Markets, Inc. advised Mr. Carona in the transaction, with Jacob Thompson serving as lead advisor. Mark Haynie of Haynie Rake Repass & Klimko, P.C. acted as legal advisor to Mr. Carona. Sheshunoff Investment Banking advised FNB with John Adams and John Blaylock as lead advisors, while Joe Ford of Fenimore, Kay, Harrison & Ford, LLP served as legal advisor to FNB.
The terms of the transaction were undisclosed and the transaction is expected to close during the second quarter of 2015, subject to approvals from the appropriate regulatory agencies.