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Southside Bancshares, Inc. to Acquire Diboll State Bancshares, Inc.

Published June 12, 2017

Hovde's client, Diboll, TX-based Diboll State Bancshares, Inc. has announced its merger with and into Tyler, TX-based Southside Bancshares, Inc. (NASDAQ: SBSI) in a deal valued at $218.8 million.

Highlights of the deal include:

  • $218.8 million transaction, payable in cash and shares of SBSI common stock
  • Southside will add seventeen additional branches in East Texas and approximately $908 million in deposits
  • The combined company is expected to be nearly $7.0 billion in assets and will be the largest East Texas franchise
  • Southside's trust assets under management will nearly double to $1.85 billion
  • The deal is subject to shareholder and regulatory approval and is expected to close in Q4 2017
  • This transaction marks Hovde's 50th announced Nationwide bank M&A transaction over the past two years

Hovde Group, LLC served as financial advisor to Diboll State Bancshares, Inc.

Please click on the link above to download the full Transaction Alert for more information.