Investar Bank, national association to expand its footprint in Texas by acquiring branch operations from PlainsCapital Bank in Alice and Victoria.
Investar Holding Corporation announced Tuesday, Aug. 20, that its wholly-owned subsidiary, Investar Bank, National Association, Baton Rouge, Louisiana, entered into a Purchase and Assumption Agreement, pursuant to which Investar Bank has agreed to acquire certain assets, deposits and other liabilities relating to two existing branch locations of PlainsCapital Bank, Dallas, Texas, a wholly-owned subsidiary of Hilltop Holdings Inc.
The branches which are the subject of the Agreement are located in the Texas cities of Victoria and Alice.
Under the terms of the Agreement, Investar Bank expects to acquire approximately $42 million in deposits and approximately $52 million in loans. In addition, Investar Bank will acquire substantially all the fixed assets at the subject branch locations, and will assume the leases for the branch facilities. The transaction is expected to close in the first quarter of 2020, subject to regulatory approvals and other customary closing conditions.
“We are excited for the opportunity to welcome these new Texas customers to Investar Bank, as we strengthen our franchise and expand services into these two additional Texas communities,” said Investar’s President and Chief Executive Officer, John D’Angelo. “We believe these branches will complement our recent entry into Texas, allowing us to strategically expand our Texas footprint while adding new loan customers and low-cost deposits.”
Performance Trust Capital Partners, LLC acted as financial advisor and Fenimore, Kay, Harrison & Ford LLP served as legal counsel to Investar Holding Corporation.
About Investar Holding Corporation
Investar Holding Corporation, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association. The Company had total assets of approximately $2.0 billion as of June 30, 2019. Investar Bank currently operates 21 branches serving southeast Louisiana and 3 branches serving southeast Texas.