Brad Tidwell, President and CEO of Citizens National Bank (CNB), is pleased to announce that the bank has entered into a definitive agreement to purchase East Texas National Bank (ETNB) in Palestine, Texas. ETNB’s main bank is located at 207 West Spring Street, with two full service branches located in Huntsville and Mexia. This transaction was approved by the boards of both banks and the closing is tentatively scheduled for June 2013, pending regulatory approval.
Brad Tidwell stated, “East Texas National Bank was chartered in 1911 in Palestine and has 102 years of deep East Texas roots, which is a great fit for Citizens National Bank, considering our 83 year history here in East Texas,” Tidwell continued, “Citizens National Bank is very excited to have the opportunity to acquire such an outstanding, conservative bank with values that mirror those of Citizens National Bank.” Cliff Bomer, President of East Texas National Bank said, “East Texas National Bank has been the cornerstone of banking in our area for generations. We are proud that we will be a part of a bank that will help us to continue to serve our customers for generations to come.”
East Texas National Bank has $150 million in assets as well as $65 million in assets under management in their trust department. After the purchase of ETNB, Citizens National Bank will have $1.2 billion in assets and 24 branches throughout East and Central Texas. The combined Trust Departments will have over $350 million in assets under management. Citizens National Bank is a locally owned, independent, community bank headquartered in Henderson, Texas and has been serving the families and businesses of East Texas since 1930.