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DALLAS, June 4, 2015 (GLOBE NEWSWIRE) -- John Carona, CEO of Associa and former state senator from district 16, is now the owner and chairman of the board at the First National Bank of Kemp, Texas. Carona's holding company, FNBK Holdings, Inc., entered into an agreement to acquire the bank back in December and as of June 4, 2015, the transaction is complete.
"This is a 114 year old institution with a rich history, superior management and hard-working staff," says Carona. "It's time to utilize its resources and turn it into a true commercial bank extending the customer base to larger cities like Dallas and others throughout the state."
Carona is the founder and CEO of Associa, the largest homeowner association management firm in the nation. In addition, he served in the Texas Legislature from 1991-2014. He was recently a shareholder in Dallas-based First Associations Bank, which sold in 2013.
The First National Bank of Kemp currently operates from its headquarters at 100 South State Highway 274 in Kemp, Texas, approximately 45 miles southeast of Dallas. In addition, it maintains a branch at 316 Seven Points Drive in Seven Points, Texas. It is the only local financial institution headquartered in Kemp and ranks 9th in market share in Kaufman County.
"We want to re-introduce this bank as a state-wide commercial lending institution," Carona continues. "We anticipate other similar acquisitions across the state."
Current bank management, led by President and CEO Vidal Jones, will remain in place. Carona will chair a five member board. The specific terms of the transaction are undisclosed subject to the upcoming call report.
A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=33528
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