TYLER, Texas, Nov. 30, 2017 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc. (NASDAQ:SBSI), the parent company of Southside Bank, announced the completion of the merger of Diboll State Bancshares, Inc. with and into Southside and the merger of Diboll's wholly owned subsidiary, First Bank & Trust East Texas, headquartered in Diboll, Texas, with and into Southside Bank, all effective on November 30, 2017. The combined company will continue to trade on the NASDAQ Global Select Market under the symbol “SBSI.”
Prior to the merger, First Bank & Trust East Texas operated 17 branches in Diboll, Texas and surrounding areas. As of September 30, 2017, Diboll, on a consolidated basis, reported total assets of $1.01 billion, total loans of $642.5 million and total deposits of $890.0 million.
Under the terms of the merger agreement, Southside issued 5,535,000 shares of Southside common stock and paid approximately $23.9 million in cash for all outstanding shares of Diboll capital stock, for an aggregate purchase price of approximately $224.3 million based on the closing price of Southside’s common stock on November 30, 2017.
Following the merger, Lee Gibson will continue to serve as the President and Chief Executive Officer of the combined entity and Julie Shamburger will continue to serve as its Senior Executive Vice President and Chief Financial Officer. Additionally, in connection with the merger, Diboll executives have assumed the following titles at Southside: H.J. (“Jay”) Shands, III — Director and Regional President, East Texas; and Joe C. (“Trey”) Denman, III — Executive Vice President. In addition, in connection with the merger, Richard Warner, who served as a director of Diboll, became a director of Southside.
Commenting on the merger, Lee Gibson said, “We are delighted to welcome all of the Diboll customers and employees to the Southside family. The acquisition of Diboll expands and bolsters our 57 year presence in the East Texas market. This strategic acquisition enhances Southside's core deposit base, lending opportunities and an already strong team of talented employees. This merger creates a stronger organization that will benefit our customers through continued exceptional customer service, an expanded branch and ATM network, more diverse products and services and our unwavering commitment to the communities we are privileged to serve.”
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding company with approximately $6.5 billion in assets that owns 100% of Southside Bank. Southside Bank currently has 60 branches in Texas and operates a network of 86 ATMs/ITMs.