CNB to acquire Morris County National Bank

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Sulphur Springs Bancshares, Inc., a Texas corporation and registered bank holding company with its principal offices in Sulphur Springs (SSBI), The City National Bank of Sulphur Springs, a national banking association and wholly-owned subsidiary of SSBI (CNB), Morris County Bankshares Inc., a Texas corporation and registered bank holding company with its principal offices in Naples, Texas (MCBI), and The Morris County National Bank of Naples, a national banking association and wholly-owned subsidiary of MCBI (MCNB) announced Friday the signing of a definitive agreement.

The boards of directors of the parties have approved the transaction in a deal that is expected to close at the end of the fourth quarter 2020 or early first quarter 2021, subject to regulatory and shareholder approvals.

Under the agreement, MCNB will be merged into CNB, with CNB surviving the merger. The transaction will expand CNB’s customer base and build on its reputation.

MCNB has a banking facility in Naples, Texas and a branch location in Queen City, Texas that operates under the name Cass County National Bank.

After the merger, CNB will have 15 branches covering Hopkins, Wood, Rains, Van Zandt, Gregg/Upshur, Morris and Cass counties in East Texas.

CNB was established Feb. 21, 1889. As of June 30, 2020, CNB had total assets of $851.1 million. MCNB was established Aug. 15, 1893. As of June 30, 2020, MCNB had total assets of $94.4 million. It is anticipated that following the merger, CNB will have total assets in excess of $950 million.