Today is Thursday March 28, 2024
ktbb logo


Southside Bank and OmniAmerican Bank to Merge

Posted/updated on: April 30, 2014 at 12:10 pm
Print Friendly, PDF & Email


thumb_southside-1TYLER – Southside Bancshares, Inc., parent company of Tyler-based Southside Bank, and OmniAmerican Bancorp, Inc., the holding company for Fort Worth-based OmniAmerican Bank, announced Tuesday that they have signed a definitive agreement under which OmniAmerican will merge into Southside. The combined company will have nearly $5 billion in assets and will be the ninth-largest bank headquartered in Texas, by deposits, according to information from Southside.

Under the terms of the agreement, OmniAmerican shareholders will receive 0.4459 shares of Southside common stock plus $13.125 in cash for each outstanding share of OmniAmerican common stock. Based on Southside’s closing stock price of $30.46 on April 28, the per share value of consideration to OmniAmerican shareholders would be $26.71. The transaction is currently valued at approximately $307 million in aggregate.

“This merger of two strong institutions is a superb strategic fit, creating a well-capitalized, community-oriented bank with a major presence in East Texas, Central Texas, and now Fort Worth,” said Sam Dawson, President and CEO of Southside Bank and SBSI. “We see tremendous growth potential in Fort Worth, as well as powerful synergies from teaming up with one another. We are excited to partner with OmniAmerican Bank, which shares with us a proud tradition of outstanding customer service and an unsurpassed community commitment.”

The merger has been unanimously approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2014, after receipt of regulatory approvals, the approval of the shareholders of OmniAmerican Bancorp, Inc. and Southside Bancshares, Inc., and the satisfaction of other customary closing conditions. The combined entity will operate under the names Southside Bancshares, Inc. and Southside Bank.



News Partner
Advertisement
Advertisement Advertisement

 
Advertisement
Advertisement

© 1999 - 2024 Copyright ATW Media, LLC