First Financial Bankshares Announces Two-for-One Stock Split and Increase in
Cash Dividend at Annual Meeting
ABILENE, Texas, April 22, 2014
ABILENE, Texas, April 22, 2014 /PRNewswire/ --In connection with the 2014
Annual Shareholders' Meeting, the Board of Directors of First Financial
Bankshares, Inc. (NASDAQ: FFIN) today declared a two-for-one stock split in
the form of a 100 percent stock dividend. The stock split will be effective
for shareholders of record on May 15, 2014, with distribution on June 2, 2014.
The Board also declared a $0.14 per share cash dividend for the second
quarter, which will be paid to shareholders of record on June 16, 2014, with
payment set for July 1, 2014.
At the Shareholders' Meeting, shareholders elected Ross H. Smith Jr., Chairman
and President of Akrotex Inc. based in Orange, Texas, to the Company's Board
Shareholders also reelected nine existing members to the Board of Directors.
The reelected directors are Steven L. Beal, Former President and Chief
Operations Officer of Concho Resources Inc., Brownwood; Tucker S. Bridwell,
President of Mansfeldt Investment Corporation, Abilene; David Copeland,
President, SIPCO, Inc., and Shelton Family Foundation, Abilene; F. Scott
Dueser, Chairman, President and CEO of First Financial Bankshares, Abilene;
Murray Edwards, Principal, The Edwards Group, Clyde; Ron Giddiens, investment
and business consulting, San Angelo; Tim Lancaster, President and CEO of
Hendrick Health System, Abilene; Kade Matthews, ranching and investments,
Amarillo; and Johnny E. Trotter, President and CEO, Livestock Investors, Ltd.,
"We are pleased to announce this stock split and an increase in our quarterly
cash dividend for our shareholders which represents a 7.7 percent increase,"
said F. Scott Dueser, Chairman, President and CEO. "We also welcome Ross Smith
to the Board of Directors and know that his business experience and expertise
will greatly benefit First Financial Bankshares."
Shareholders also recognized Joseph E. Canon, Executive Director of the Dodge
Jones Foundation, Abilene, Texas, who retired from the board of directors
pursuant to the Company's bylaws after 17 years of dedicated service to the
Company, 31 years of service to First Financial Bank, N.A., Abilene and 10
years of service to First Financial Trust & Asset Management Company, N.A.
In other business, shareholders approved the advisory vote on compensation of
named executive officers and ratified the Board's selection of Ernst & Young
LLP as the Company's independent auditors.
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial
holding company that operates 12 banking regions with 60 locations in Texas
including Abilene, Acton, Albany, Aledo, Alvarado, Boyd, Bridgeport, Brock,
Burleson, Cisco, Cleburne, Clyde, Decatur, Eastland, Fort Worth, Glen Rose,
Granbury, Grapevine, Hereford, Huntsville, Keller, Mauriceville, Merkel,
Midlothian, Mineral Wells, Moran, Newton, Odessa, Orange, Port Arthur, Ranger,
Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Trent,
Trophy Club, Vidor, Waxahachie, Weatherford and Willow Park. The Company also
operates First Financial Trust & Asset Management Company, N.A., with seven
locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading
symbol FFIN. For more information about First Financial Bankshares, please
visit our website at http://www.ffin.com.
Certain statements contained herein may be considered "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of
1995. These statements are based upon the belief of the Company's management,
as well as assumptions made beyond information currently available to the
Company's management, and may be, but not necessarily are, identified by such
words as "expect", "plan", "anticipate", "target", "forecast" and "goal".
Because such "forward-looking statements" are subject to risks and
uncertainties, actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause actual
results to differ materially from the Company's expectations include
competition from other financial institutions and financial holding companies;
the effects of and changes in trade, monetary and fiscal policies and laws,
including interest rate policies of the Federal Reserve Board; changes in the
demand for loans; fluctuations in value of collateral and loan reserves;
inflation, interest rate, market and monetary fluctuations; changes in
consumer spending, borrowing and savings habits; and acquisitions and
integration of acquired businesses, and similar variables. Other key risks
are described in the Company's reports filed with the Securities and Exchange
Commission, which may be obtained under "Investor Relations-Documents/Filings"
on the Company's Web site or by writing or calling the Company at
325.627.7155. Except as otherwise stated in this news announcement, the
Company does not undertake any obligation to update publicly or revise any
forward-looking statements because of new information, future events or
SOURCE First Financial Bankshares, Inc.
Contact: F. Scott Dueser, Chairman, President & CEO, 325.627.7155
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