The 113-year-old First National Bank of Kemp will be acquired by FNBK Holdings, Inc, a company formed by Texas State Sen. John Carona of Dallas, according to the Dallas Business Journal.

Carona, who is in his sixth term as senator representing District 16 in Dallas County, is the founder and CEO of Associa, the largest homewoner association management firm in the nation. He formerly was a shareholder of Dallas-based First Associations Bank, which sold in 2013.

First National Bank of Kemp was founded in 1901, and its main branch is at the intersection of Highways 175 and 274. It also operates a branch in Seven Points.As of September 30, 2014, the bank listed total assets of $53.9 million and total deposits of $47.2 million.

Its market share of deposits in Kaufman County is 2.85 percent, and its overall rating is "performing," according to bank status reports.

The bank's current President and CEO, Vidal Jones, and his management team are expected to remain in place after the sale is completed in early 2015. Jones said in a statement that the new ownership will allow the bank to "expand its mission to provide the independent and needed financial services to our communities."

Carona (pictured below) said he planned to look for "strategic expansion opporunities in other markets" for the bank.

Regulatory agencies must first approve the sale.