In 1988, a group of local businessmen formed Texas Peoples National Bancshares, Inc. (“TPNB”). In December of 1988, TPNB acquired the assets and assumed the liabilities of the failed First National Bank – Bogata from the FDIC. The assets and liabilities were acquired into a new wholly owned subsidiary of TPNB known as Peoples National Bank. PNB began to experience rapid growth as a result of a local board of directors with a commitment to serving the local community.