=================================================================

                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549


                            FORM 8-K

                         CURRENT REPORT

               Pursuant to Section 13 or 15(d) of
               the Securities Exchange Act of 1934


                         March 9, 2001
-----------------------------------------------------------------
        Date of Report (Date of earliest event reported)


                  Independent Bankshares, Inc.
-----------------------------------------------------------------
     (Exact name of Registrant as specified in its charter)


       Texas                0-10196                 75-1717279
----------------------     --------------          -------------
 (State of Other          (Commission             (I.R.S. Employer
  Jurisdiction of          File Number)           Identification No.)
   Incorporation)

      547 Chestnut Street
        P.O. Box 3296
        Abilene, Texas                                 79604
---------------------------------------           --------------
(Address of principal executive offices)             (Zip Code)


                         (915) 677-5550
-----------------------------------------------------------------
      (Registrant's telephone number, including area code)


                         Not Applicable
-----------------------------------------------------------------
  (Former name or former address, if changed since last report)



=================================================================


<PAGE>

ITEM 2.   Acquisition or Disposition of Assets

     On March 9, 2001, State National Bank of West Texas,
Abilene, Texas, the Company's subsidiary bank (formerly First
State Bank, National Association, Abilene, Texas) (the "Abilene
Bank"), was merged with and into State National Bank of West
Texas, a national banking association (the "Lubbock Bank") and
wholly owned subsidiary of State National Bancshares, Inc. of
Delaware ("State National - Delaware").  The Lubbock Bank
continued as the surviving entity in the merger.  Immediately
after the merger, State National - Delaware, a wholly owned
subsidiary of State National Bancshares, Inc. ("State National"),
and the owner of all of the common stock of Independent
Bankshares, Inc. (the "Company"), contributed to the Company and
the Company, in turn, contributed to Independent Financial Corp.,
its wholly owned subsidiary ("Independent Financial"), all of the
capital stock of the Lubbock Bank.  The result of the transaction
was that the Abilene Bank was merged into the Lubbock Bank, which
became an indirect wholly owned subsidiary of the Company.  There
was no merger consideration paid as, prior to the transactions,
the Abilene Bank and the Lubbock Bank were both direct or
indirect subsidiaries of State National.

     The Lubbock Bank is a community bank that offers interest
and noninterest-bearing depository accounts, and makes consumer
and commercial loans.  At March 9, 2001, the Lubbock Bank had
total assets of $217,205,000, total deposits of $196,809,000,
total loans, net of unearned income, of $116,523,000 and
stockholder's equity of $19,086,000.  At March 9, 2001, the
Abilene Bank had total assets of $479,870,000, total deposits of
$398,345,000, total loans, net of unearned income, of
$231,458,000 and stockholder's equity of $74,756,000.

     As stated above, there are parent-subsidiary relationships
among State National, State National - Delaware, the Company,
Independent Financial, the Abilene Bank and the Lubbock Bank.
Further, there are common directors and officers among the above-
named entities. The common directors and officers are Rick
Calhoon (Director of State National and the Company), Jack
Cardwell (Director of State National and the Company), Don Cosby
(Director of State National, State National - Delaware, the
Company, Independent Financial, the Abilene Bank and the Lubbock
Bank; Executive Vice President and Chief Financial Officer of
State National; President of State National - Delaware; Executive
Vice President of the Company; and President of Independent
Financial), Randal Crosswhite (Director of the Company and the
Abilene Bank, Chief Financial Officer and Secretary of the
Company; and Executive Vice President and Chief Financial Officer
of the Abilene Bank), Gary Fletcher (Director of State National,
the Company and the Lubbock Bank), David Kirk (Director of State
National, the Company, the Abilene Bank and the Lubbock Bank),
Tom Nichols (Chairman of the Board and Chief Executive Officer of
State National, the Abilene Bank and the Lubbock Bank and
Chairman of the Board of the Company), Ronald Simpson (Director
of the Company and Director and President of the Abilene Bank)
and Bryan Stephenson (Director and President and Chief Executive
Officer of the Company and Director and Vice Chairman the Abilene
Bank).


                               -2-

<PAGE>

ITEM 7.   Financial Statements and Exhibits.

     (a)  Financial Statements of Business Acquired.

          As permitted by Form 8-K, the required historical
          financial statements required by Regulation S-X of the
          Securities and Exchange Commission will be filed by an
          amendment to this Form 8-K no later than May 22, 2001.

     (b)  Pro Forma Financial Information.

          As permitted by Form 8-K, the required pro forma
          financial information statements required by Regulation
          S-X of the Securities and Exchange Commission will be
          filed by an amendment to this Form 8-K no later than
          May 22, 2001.

     (c)  Exhibits

          Exhibit No.         Document Description
          -----------         --------------------

          2.1            Agreement and Plan of Merger dated
                         February 21, 2001, but effective March
                         9, 2001, between State National Bank of
                         West Texas and State National Bank of
                         West Texas, Abilene, Texas.


                               -3-

<PAGE>

                            SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.


                              INDEPENDENT BANKSHARES, INC.



Date: March 23, 2001          By:  /s/ Randal N. Crosswhite
                                   -----------------------------
                                   Randal N. Crosswhite
                                   Chief Financial Officer


                               -4-


<PAGE>


                          EXHIBIT INDEX
                          -------------



Exhibit No.         Document Description
-----------         --------------------

    2.1        Agreement and Plan of Merger dated February 21,
               2001, but effective March 9, 2001, between State
               National Bank of West Texas, and State National
               Bank of West Texas, Abilene, Texas.