Pioneer Bancshares, Inc. signed a definitive agreement to acquire C Bar M, Inc. on February 3, 2014. Mike Allen, Chairman, President and Chief Executive Officer of Union State Bank, will join the Pioneer team and continue to oversee the team in place in Kerrville. As a part of transaction, Board of Directors and staff of Union State Bank will join Pioneer Bank team.

The Boards of Pioneer Bancshares and C Bar M have approved the transaction. The transaction is subject to regulatory approval and is expected to close in the second quarter of 2014. As of May 10, 2014, the deal was given a waiver by Federal Reserve.

Tom Mecredy of Vining Sparks acted as financial advisor for Pioneer Bank and Fred Baker of Finser & Associates Inc. acted as financial advisor for Union State. Rick Brophy of Beard Kultgen Brophy Bostwick acted as legal counsel for Union State and Chet Fenimore and Lowell Harrison of Fenimore Kay Harrison & Ford LLP acted as legal counsel for Pioneer Bank.