text: Such statements reflect the current views of our management with respect to future events and are subject to these 
  and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and 
  liquidity. All subsequent written and oral forward-looking statements attributable to us or persons acting on our 
  behalf are expressly qualified in their entirety by this paragraph. 
  
  **PART I**
  
  **ITEM 1.** **BUSINESS**
  
  **General**
  
  First Financial Bankshares, Inc., a Texas corporation, is a financial holding company registered under the Bank 
  Holding Company Act of 1956, or BHCA. As such, we are supervised by the Board of Governors of the Federal 
  Reserve System, or Federal Reserve Board, as well as several other state and federal regulators. We were formed as 
  a bank holding company in 1956 under the original name F & M Operating Company, but our banking operations 
  date back to 1890, when Farmers and Merchants National Bank opened for business in Abilene, Texas. By virtue of 
  a series of reorganizations, mergers, and acquisitions since 1956, we now own, through our wholly-owned Delaware 
  subsidiary, First Financial Bankshares of Delaware, Inc., ten banks organized and located in Texas. These ten banks 
  are: 