DALLAS, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Veritex Holdings, Inc. (NASDAQ:VBTX) , the parent holding company of Veritex Community Bank, announced the completion of the acquisition of Sovereign Bancshares, Inc. effective August 1, 2017. Sovereign was the parent holding company of Sovereign Bank, a Texas state chartered full service commercial bank with total assets of $1.0 billion, total loans of $789.9 million, and total deposits of $813.0 million at June 30, 2017. Sovereign Bank operates nine branches in Texas with six branches in Dallas-Fort Worth, two branches in Austin, and one branch in the Houston metropolitan area.
Under the terms of the definitive agreement, Veritex issued 5,117,647 shares of its common stock and paid approximately $56.2 million in cash for the outstanding shares of Sovereign common stock in connection with the closing of the acquisition.
C. Malcolm Holland, Chairman and Chief Executive Officer of Veritex noted, “This is an exciting day for the employees, clients, and shareholders of both Sovereign and Veritex. The efforts made by the integration teams over the past several months have been critical to building the foundation needed to propel our combined company forward.” Mr. Holland continued, “This marks the fifth acquisition we have successfully completed in less than seven years, and we are poised to continue growing shareholder value as we execute our strategic plan.”
Veritex was advised by Stephens Inc. as financial advisor and Norton Rose Fulbright US LP as legal counsel. Sovereign was advised by Sandler + O’Neill & Partners, L.P. as financial advisor and Fenimore, Kay, Harrison & Ford, LLP as legal counsel.
About Veritex Holdings, Inc.
Headquartered in Dallas, Texas, Veritex Holdings, Inc. is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.