FC Holdings, Inc. and JLL Partners Consummate Transaction
Complete Merger with Crockett Bank
FC Holdings, Inc. of Houston, Texas and JLL Partners (“JLL”) of New York, New York today jointly announce consummation of the transaction in which JLL will invest up to $150 million in FC Holdings. The initial investment by JLL is for $75 million in FC Holding’s common stock, with JLL becoming FC Holdings’ majority shareholder. FC Holdings is a privately-held holding company consisting of a network of community banks serving the Sugar Land, Tomball, San Antonio and Waco/Meridian, Texas markets. The FC Holdings family of banks includes First Community Bank The Woodlands, First Community Bank Fort Bend, First Community Bank San Antonio and First Community Bank Central Texas.
Concurrently, Nigel Harrison, Chairman of the Board and Chief Executive Officer, and Wade Schuessler, President of FC Holdings, Inc. and Charles F. Cunningham, Chairman of First Crockett Bancshares, Inc., are pleased to announce that their companies have completed the merger previously announced in which FC Holdings acquired the stock of First Crockett Bancshares, Inc., parent of First National Bank of Crockett, Crockett, Texas.
First National Bank of Crockett is a $156 million institution located 90 miles north of Houston, Texas along the I45 growth corridor. The Houston County locations of the First National Bank of Crockett have approximately $88 million in assets and its branch known as First Bank of Canyon Creek located in Richardson, Dallas County, Texas has approximately $68 million is assets. With the acquisition of First National Bank of Crockett, FC Holdings, Inc. will enter the high growth Dallas/Ft. Worth market area and the strong core deposit market along the I45 corridor between Houston and Dallas.
As of June 30, 2007, FC Holdings reported over $400 million in assets. With JLL’s investment and the addition of First National Bank of Crockett to the First Community family of banks, FC Holdings has over $600 million in assets, making it one of the fastest growing community banking organizations in Texas. JLL has the option to invest an additional $75 million during the next three years.
FC Holdings provides the communities it serves with personalized banking services for individuals and small to medium-sized businesses. More information regarding FC Holdings can be found on its website, firstcommunitybank.net.
JLL Partners is a New York-based leading private equity investment firm with $3.2 billion of capital under management. JLL’s investment philosophy is to partner with outstanding management teams and invest with them in companies that they can continue to grow into market leaders. JLL has invested in a variety of industries, with special focus on financial services, building products and healthcare services and medical products. More information regarding JLL can be found at jllpartners.com.
Bear, Stearns & Co. Inc. acted as sole placement agent for the financing. FC Holdings was represented in the transaction by Bracewell & Giuliani LLP. JLL was represented by Skadden, Arps, Slate, Meagher & Flom LLP.
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