In a recent announcement, a merger was revealed between Southside Bank and OmniAmerican Bancorp. Per reports, OmniAmerican will merge into Southside, giving the combined organization about $5 billion in assets. This bank merger will also make Southside the ninth largest bank in Texas.
According to President and CEO of Southside Bank and Southside Bancshares, Inc. Sam Dawson, “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.”
Based on the agreement, OmniAmerican shareholders will be given 0.4459 shares of Southside common stock, as well as $13,125 in cash for every outstanding share of OmniAmerican common stock.
It appears that the board of directors from both banks are for this deal. Approval from regulators, among other things, will be needed before this transaction comes to a close. The expectation is that the deal will be complete at some point in the fourth quarter of this year.
To keep local decision making in place, the executive management at OmniAmerican will remain in their positions.
Bank Mergers & Acquisitions
Bank mergers are complex business transactions that require a lot of expertise and knowledge. FBFK business attorneys are experienced in handling mergers and acquisitions. We know what is involved not only on the legal side, but also the business side. Because many of our attorneys have MBAs, we look at every transaction from multiple angles.
To learn more, contact our office today by calling 972-378-9111 or filling out our online contact form. We will take the time to answer your questions and discuss the best steps to a successful business transaction.