First Financial Bankshares Announces Appointment of Murray H. Edwards as Lead Independent Director

Rhea-AI Summary

First Financial Bankshares, Inc. (NASDAQ: FFIN) has appointed Murray H. Edwards as the new lead independent director following the retirement of Tucker S. Bridwell. Bridwell, who served since 2007, stepped down at the 2022 Annual Meeting of Shareholders. Edwards, a director since 2006 and chairman of the Directors Loan Committee, brings over 16 years of experience and significant leadership skills. He will also chair the Nominating/Corporate Governance Committee and serve on the Risk and Executive Committees, enhancing the company's governance and strategic oversight.

Positive

• Murray Edwards brings over 16 years of experience on the board, potentially leading to strong governance.
• His leadership as chairman of the Directors Loan Committee suggests continuity in strategic direction.
• Significant skills in leadership, risk management, and financial oversight enhance the board's expertise.

Negative

• The retirement of Tucker Bridwell may lead to concerns over leadership continuity within the board.

ABILENE, Texas, April 26, 2022 /PRNewswire/ -- The Board of Directors of First Financial Bankshares, Inc. (NASDAQ: FFIN) announced today the appointment of Murray H. Edwards as the lead independent director following the previously announced retirement of Tucker S. Bridwell effective as of the 2022 Annual Meeting of Shareholders held earlier today. Mr. Bridwell served as a director since 2007 and as the lead independent director since 2012 as well as the chair of the Nominating/Corporate Governance Committee.

"Murray Edwards is an excellent selection for lead director to follow Tucker Bridwell. He has been a valuable director with over sixteen years of service on the board and has played a leadership role as Chairman of the Directors Loan Committee," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. "He has provided outstanding leadership, support and direction to our board and I look forward to working directly with him in this new position."

Murray H. Edwards has served as director of the Company since 2006. He will serve as chair of the Nominating/Corporate Governance Committee and also serves on the Risk, and Executive Committees. He also is a director of the Bank, serving as chairman of the Directors' Loan Committee, and serves as an advisory director of the Bank's Abilene and Fort Worth Regions, serving as the chair of the Fort Worth board until 2022. He is Principal of The Edwards Group, a privately-owned investment company, and has an undergraduate degree from Texas A&M University and a Master of Business Administration from Harvard Business School. He has successfully owned and managed several businesses, including Automated Farm Systems, Alderman-Cave Feeds, Abilene Cattle Feeders, Cape & Son, Bluebonnet Feeds, and Innovation Event Management. In 2018, he received the Texas A&M University Outstanding Agribusiness Entrepreneur Award, and in 2019 was awarded the Outstanding Alumnus Award by the College of Agriculture and Life Sciences of Texas A&M. He was the largest shareholder and a director of Peoples State Bank, Clyde, Texas, prior to it being acquired by the Company. Mr. Edwards has significant leadership, risk management, merger and acquisitions, and strategic planning skills. In addition, he brings strong agriculture, accounting, lending, and financial skills important to the oversight of our financial reporting, enterprise, and operational risk management.

About First Financial Bankshares

Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 78 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, Cisco, Cleburne, Clyde, College Station, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby,  San  Angelo,  Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with ten 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.

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SOURCE First Financial Bankshares, Inc.

FAQ

Who is the new lead independent director of FFIN?

Murray H. Edwards has been appointed as the lead independent director of First Financial Bankshares.

What prompted the change in leadership at First Financial Bankshares?

The change was prompted by the retirement of Tucker S. Bridwell, effective at the 2022 Annual Meeting of Shareholders.

What prior experience does Murray Edwards have?

Murray Edwards has served on the board since 2006 and has chaired the Directors Loan Committee, bringing extensive leadership and financial expertise.

What committees will Murray Edwards chair at FFIN?

Murray Edwards will chair the Nominating/Corporate Governance Committee and serve on the Risk and Executive Committees.