Southside Bancshares, Inc., parent company of Tyler-based Southside Bank, and OmniAmerican Bancorp, Inc., announced today that they have signed a definitive agreement under which OmniAmerican will merge into Southside.
The combined company will have nearly $5 billion in assets and will be the ninth-largest bank headquartered in Texas, by deposits, according to a prepared statement. OmniAmerican is the holding company for Fort Worth-based OmniAmerican Bank.
“This merger of two strong institutions is a superb strategic fit, creating a well-capitalized, community-oriented bank with a major presence in East Texas, Central Texas, and now Fort Worth,” Sam Dawson, president and chief executive officer of Southside Bank and SBSI, said in a prepared statement. “We see tremendous growth potential in Fort Worth, as well as powerful synergies from teaming up with one another. We are excited to partner with OmniAmerican Bank, which shares with us a proud tradition of outstanding customer service and an unsurpassed community commitment.”
The merger has been unanimously approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2014, after receipt of regulatory approvals, the approval of the shareholders of OmniAmerican Bancorp, Inc. and Southside Bancshares, Inc., and the satisfaction of other customary closing conditions. The combined entity will operate under the names Southside Bancshares, Inc. and Southside Bank.
All of OmniAmerican’s executive management team will remain in place after the merger, assuring the continuity of local decision making.
“Both banks have well-aligned community banking philosophies, clean balance sheets, strong boards and seasoned management teams,” said Tim Carter, president and CEO of OmniAmerican Bank, who will become president of the North Texas Region for Southside upon completion of the merger. “Bringing together our branch network and Fort Worth presence with Southside Bank’s 50 facilities in Texas gives us a dynamic foundation to serve our commercial, mortgage and consumer customers with even greater convenience, expanded product and service offerings, and additional lending capacity. This merger is a great outcome for our company’s shareholders and positions us well for sustainable success over the long term.”