CONROE, TX, December 23, 2019 /PRNewswire/ — Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) (the “Company” or “Spirit”), the holding company of Spirit of Texas Bank (the “Bank”), today announced that Bank entered into a branch purchase and assumption agreement with Simmons Bank (“Simmons”), under which the Bank will acquire four Simmons branches and a Simmons mortgage office located in Austin, San Antonio and Tilden, TX, as well as some of their deposits, loans and other assets. Adding these five locations will bring Spirit’s number of locations to 41 across the state of texas and establish a physical presence in two of the main Texas growing markets. Completion of the transaction is expected in the first quarter of 2020 and is subject to certain closing conditions, including customary regulatory approvals.
Dean O. BassChairman and CEO of Spirit, said: “We are very pleased to announce our eleventh acquisition in Texasand our fourth transaction since we became a public company in May 2018. These Simmons offices will expand our south texas presence in the dynamics Austin market and strengthen our presence in the market San Antonio–New Braunfels market, will provide a strong loan portfolio and deposit base and complement the Spirit franchise. Additionally, we are delighted to welcome Simmons’ dedicated bankers and employees to the Spirit of Texas family, as they continue to provide exceptional products and customer service to the markets they serve. »
In addition, Mr. Bass announced that Jett clay, regional president of Simmons at these five locations, will join Spirit in a similar position. Mr. Bass added: “We are delighted to have Clay join the Spirit team. Clay has extensive commercial banking experience in these markets and will provide the leadership we need to grow our market presence.
From September 30, 2019the combined deposit and loan balances of the five Simmons offices (excluding certain loans and deposits not involved in the transaction) were approximately $160 million and $272 million, respectively. Simmons is a subsidiary of Simmons First National Corporation (NASDAQ: SFNC), a Arkansasfinancial holding company. “We have the utmost respect for Dean and his team at Spirit, and we are confident that this transaction will be very positive for all stakeholders,” said George Makris, Jr.Chairman and CEO of Simmons First National Corporation.
Stephens Inc. acted as financial advisor to Simmons.
About Simmons First National Corporation
Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansaswith total consolidated assets of approximately $17.8 billion from September 30, 2019 carry out financial operations throughout Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas. The company, through its subsidiaries, including Simmons Bankoffers comprehensive financial solutions delivered with a customer-centric approach.
About Spirit of Texas Bancshares, Inc.
Spirit of Texas Bancshares, Inc., through its wholly owned subsidiary, Spirit of Texas Bank, offers a wide range of relationship-oriented commercial banking products and services tailored to the needs of businesses, professionals and individuals. Spirit of Texas Bank has 36 branches in the Houston, Dallas/Fort Worth, Bryan/College Station, San Antonio–New Braunfels, corpus Christi and Tyler metropolitan areas, as well as offices in North Central Texas. Please visit www.sotb.com for more information.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our results, performance or achievements real ones are significantly different. future results, performance or achievements anticipated in such statements. Forward-looking statements speak only as of the date they are made and, except as required by law, we undertake no obligation to update any forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding such things as our plans, goals, strategies, expectations and intentions and other statements that are not statements of historical fact, and can be identified by words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “plans”, “aims”, “intends”, “may”, “could”, “plans”, “likely”, “projects”, “seeks”, “should”, “targets”, “sights” or “would” or the negative of these words and phrases or similar words or phrases. Factors which could cause our actual results to differ materially from those described in the forward-looking statements include, among other things: (i) the possibility that any of the anticipated benefits of the proposed transaction may not be realized or may not be realized within the time period expected time; (ii) the risk that the integration of Simmons site operations will be materially nt delayed or more costly or more difficult than expected; (iii) the effect of the announcement of the transaction on customer relationships and results of operations; and (iv) the possibility that the transaction may be more costly to complete than expected, including due to unexpected factors or events. For a discussion of additional factors that could cause our actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed in our most recent Annual Report on Form 10-K and other reports that are filed. with the Security and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.
|
contacts: |
Dennard Lascar Investor Relations |
|
Ken Dennard / Natalie Hairston |
|
|
(713) 529-6600 |
|
|
[email protected] |
SOURCESpirit of Texas Bancshares, Inc.
