Southside Bancshares, Inc. (SBSI), parent company of Southside Bank, and OmniAmerican Bancorp, Inc. (OABC), the holding company for OmniAmerican Bank, announced they have signed a definitive agreement under which OmniAmerican will merge into Southside. OmniAmerican shareholders will receive 0.4459 shares of Southside common stock plus $13.125 in cash for each outstanding share of OmniAmerican common stock.
The transaction is currently valued at approximately $307 million in aggregate.
The combined company will have nearly $5 billion in assets. The companies said the transaction is expected to be accretive to earnings per share in the first full year after closing. The pro forma company is expected to be well-capitalized following the transaction.
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