It was a bittersweet day for Jim Chambers Tuesday.

The man behind starting - and operating Town and Country Bank for the past 35 years - made his rounds to employees in Stephenville, Glen Rose, Bluff Dale, Aledo and Granbury to tell them the bank will soon get new owners.

The announcement came after Town and Country Bancshares, Inc. reached an agreement and plan of reorganization with InterBank, an independent community bank with offices in Texas and Oklahoma.

Under the terms of the agreement, Town and Country Bank will merge with Interbank in January and become Stephenville InterBank.

"It's definitely a little bittersweet," Chambers said. "But it's a change I'm excited about."

Chambers said community banking has changed dramatically over the past few years following the recession and changes that have taken place on Wall Street.

"When Congress increased regulations, it put a significant burden on community banks, which are the heart and soul of banking throughout the nation," Chambers said. "Changes in the banking industry prompted us to seek opportunities that would allow us to grow and become more competitive with larger banks."

He said the sale will allow the bank to offer more products, services and lending opportunities to the communities they serve.

“The transaction provides opportunities that better positions the bank to be part of a larger independent community bank offering our customers additional products, a larger branch network and the financial strength of a superior banking organization," Chambers said.

InterBank is a $2 billion company with banks in 16 locations across Texas and Oklahoma.

“We certainly agree that Town and Country Bank and its communities are a great fit for our bank," said Pascal Hosch, president and CEO of InterBank. "Our ownership group and their banking philosophies are very similar to those of the group that had the vision to found Town and Country 35 years ago.”

Other than offering additional services to its customers, Chambers said he doesn't expect many changes in personnel.

As for his future plans, Chambers said while he thinks about retirement on occasion, he doesn't plan on going anywhere anytime soon.

"InterBank is such a good organization that I would like to stay on and continue to be a part of it," he said.