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8-K - FORM 8-K - FIRST FINANCIAL BANKSHARES INC | w82558e8vk.htm |
Exhibit 99.1
For immediate release
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For More Information: | |||
F. Scott Dueser, Chairman, President & CEO | ||||
325.627.7155 |
FIRST FINANCIAL BANKSHARES ANNOUNCES THREE-FOR-TWO STOCK
SPLIT AND CASH DIVIDEND AT ANNUAL MEETING
SPLIT AND CASH DIVIDEND AT ANNUAL MEETING
ABILENE, Texas, April 26, 2011 In connection with the 2011 Annual Shareholders Meeting, the
Board of Directors of First Financial Bankshares, Inc. (NASDAQ: FFIN) today declared a
three-for-two stock split in the form of a 50 percent stock dividend. The stock split will be
effective for shareholders of record on May 15, 2011, with distribution on June 1, 2011. The Board
also declared a $0.24 per share cash dividend for the second quarter, which will be paid to
shareholders of record on June 15, 2011, with payment set for July 1, 2011.
We are pleased to announce this stock split and an increase in the cash dividend, said F. Scott
Dueser, Chairman, President and CEO. When adjusted for the stock split, the new cash dividend
represents a 5.9 percent increase for our shareholders.
Shareholders reelected 10 existing members of the Board of Directors: Steven L. Beal, Retired
President and Chief Operation Officer of Concho Resources Inc., Brownwood; Tucker S. Bridwell,
President of Mansfeldt Investment Corporation, Abilene; Joseph E. Canon, Executive Director of the
Dodge Jones Foundation, Abilene; David Copeland, President, SIPCO, Inc., and Shelton Family
Foundation, Abilene; F. Scott Dueser, Chairman, President & CEO, First Financial Bankshares, Inc.,
Abilene; Murray Edwards, Principal, The Edwards Group, Clyde; Ron Giddiens, investment and business
consulting, San Angelo; Kade Matthews, ranching and investments, Amarillo; Dian Graves Stai, Chair,
Diane Graves Owen Foundation, Fredericksburg; and Johnny E. Trotter, President and CEO, Livestock
Investors, Ltd., Hereford.
Shareholders recognized Derrell E. Johnson, former President and CEO, Rady and Associates,
Southlake, who retired from the board of directors after 11 years of service.
In other business, shareholders approved advisory votes on two proposals involving compensation of
named executive officers, pursuant to new rules adopted by the Securities and Exchange Commission
under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The first proposal, commonly
referred to as a say-on-pay proposal, allowed shareholders to express their support for the Board
of Directors compensation for named executive officers and the executive compensation philosophy,
policies and programs. In the second proposal, shareholders approved the frequency of the
say-on-pay advisory vote on executive compensation on an annual basis instead of every two or
three years.
Shareholders also ratified the Boards selection of Ernst & Young LLP as the Companys independent
auditors.
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that
operates 11 separately chartered banks with 52 locations in Texas. The bank subsidiaries are First
Financial Bank, N.A., Abilene, Albany, Clyde, Moran and Odessa; First Financial Bank, N.A.,
Eastland, Ranger and Rising Star; First Financial Bank, N.A., Cleburne, Burleson, Alvarado,
Midlothian and Crowley; First Financial Bank, Hereford; First Financial Bank, Huntsville; First
Financial Bank, N.A., Mineral Wells; First Financial Bank, N.A., San Angelo; First Financial Bank,
N.A., Southlake, Bridgeport, Boyd, Decatur, Keller and Trophy Club; First Financial Bank, N.A.,
Stephenville, Granbury, Glen Rose and Acton; First Financial Bank, N.A., Sweetwater, Roby, Trent
and Merkel; and First Financial Bank, N.A., Weatherford, Willow Park, Aledo, Brock and Fort Worth.
The Company also operates First Financial Trust & Asset Management Company, N.A., with six
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 Companys management, as well as assumptions made beyond information currently available to
the Companys 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 Companys 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 Companys reports filed with the Securities and Exchange Commission, which may
be obtained under Investor Relations-Documents/Filings on the Companys 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 otherwise.