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Southside Bank Completes Merger with OmniAmerican Bank

Posted/updated on: December 19, 2014 at 8:48 am
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Southside Bank Completes Merger with OmniAmerican BankTYLER — Southside Bancshares, Inc., the parent company of Southside Bank, announced the completion of the merger of OmniAmerican Bancorp, Inc. with and into Southside and the merger of Omnis wholly owned subsidiary, OmniAmerican Bank, headquartered in Fort Worth, with and into Southside Bank, all effective on December 17, 2014. The combined company will continue to trade on the NASDAQ Global Select Market under the symbol SBSI.

OmniAmerican Bank operated 14 banking offices in Fort Worth and surrounding areas. As of September 30, 2014, Omni, on a consolidated basis, reported total assets of $1.34 billion, total loans of $774.02 million and total deposits of $798.79 million.

Under the terms of the definitive agreement, Southside issued approximately 5,168,000 shares of Southside common stock plus approximately $157.4 million in cash for all outstanding shares of Omni capital stock, for an aggregate of approximately $309.3 million based on the closing price of Southsides common stock on December 17, 2014.

Sam Dawson will continue to serve as the President and Chief Executive Officer of the combined entity and Lee Gibson will continue to serve as its Senior Executive Vice President and Chief Financial Officer. Tim Carter, the former President and Chief Executive Officer of OmniAmerican, will serve as Southside Bank Regional President for the North Texas region and will be responsible for the management of the Fort Worth area and surrounding locations. Anne Holland, former OmniAmerican Senior Executive Vice President and Chief Lending Officer, will serve as Executive Vice President and Senior Lending Officer for the North Texas region, Deborah Wilkinson, former OmniAmerican Senior Executive Vice President and CFO, will serve as Executive Vice President Investor Relations and T. L. Arnold, Jr., former OmniAmerican Senior Executive Vice President and Chief Credit Officer, will serve as Executive Vice President and Senior Credit Officer for the North Texas region.



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