First Financial Bankshares, Inc. (NasdaqGS:FFIN) entered into an indication of interest agreement to acquire Commercial Bancshares, Inc. for $75 million on July 13, 2017. First Financial Bankshares, Inc. (NasdaqGS:FFIN) entered into a definitive agreement to acquire Commercial Bancshares, Inc. for $75 million on October 12, 2017. As per terms, aggregate consideration consists of $59.4 million in First Financial Bankshares common stock and $15.6 million in cash, in the form of a special dividend payment from Commercial Bancshares to its shareholders prior to closing, which may be increased or decreased in accordance with the terms of the definitive agreement. Pursuant to transaction, Commercial State Bank, wholly-owned subsidiary of Commercial Bancshares, Inc., will merge with and into First Financial Bank, N.A., with First Financial Bank, N.A. as the surviving bank. The boards of directors of each of First Financial Bankshares and CBI have approved the transaction. The transaction is subject to regulatory approval, consent of CBI shareholders, effectiveness of registration statement under the Securities Act, approval of listing of consideration shares on the Nasdaq Global Select Market, signing of employment agreements, exercise of each stock option by such holder of CBI, holders of not more than 5% of the outstanding shares of CBI stock having demanded or be entitled to demand payment of the fair value of their shares as dissenting shareholders, CBI’s adjusted equity shall be equal to or greater than $38.1 million, First Financial Bankshares receiving a positive opinion from Norton Rose Fulbright US LLP that the merger will qualify as a reorganization and repayment of all stock loans. The acquisition is expected to be finalized in the first quarter of 2018. Michael G. Keeley, Esq. from Norton Rose Fulbright US LLP served as the legal advisor to First Financial Bankshares, while Larry Temple, Esq. represented CBI. Joe Morton and Clark Locke of Hovde Group, LLC acted as the financial advisor to Commercial Bancshares in the transaction. Hovde group will be paid an advisory fee of $0.79 million in total. Continental Stock Transfer & Trust Company, Inc. acted as transfer agent for First Financial in the transaction. First Financial Bankshares, Inc. (NasdaqGS:FFIN) completed the acquisition of Commercial Bancshares, Inc. for $80.5 million on January 1, 2018. Under the terms of the transaction, First Financial issued 1,289,371 shares and paid a special dividend totaling $22.3 million as consideration.