Pioneer Bancshares, Inc. signed a definitive agreement to acquire FC Holdings, Inc. from JLL Partners in stock on August 13, 2015. Post acquisition, the combined company will operate under the Pioneer Bank brand. Jeffrey A. Wilkinson, President and Chief Executive Officer of Pioneer Bank, will lead the new institution as Chief Executive Officer. Ron Coben, First Community's Chief Operating Officer, will remain as the Chief Operating Officer with executives from both banks filling the remaining executive Management positions. The combined bank plans to maintain headquarters in central Texas while retaining branch, administrative and support staff in each geographic market. The deal is subject to regulatory and shareholder approvals, the merger is expected to close late in 2015 or early 2016.

Sandler O'Neill + Partners, L.P. acted as the financial advisor for FC Holdings, Inc. Bieging Shapiro & Barber LLP acted as the legal advisor for FC Holdings, Inc. Vining Sparks IBG, LP acted as the financial advisor for Pioneer Bancshares, Inc. and Fenimore, Kay, Harrison & Ford, LLP acted as the legal advisor for Pioneer Bancshares, Inc. Robert B. Pincus from Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to JLL Partners.