Baton Rouge, La.-based Investar Holding Corp. is acquiring Texas-based Wichita Falls Bancshares for $83.6 million.
The merger, which is expected to close in the fourth quarter of this year, will result in a more than $4 billion bank. The $2.7 billion Investar is the holding company for Investar Bank, N.A. Investar Holding Corp. was chartered in 2006 as a de novo by President and CEO John J. D’Angelo.
Wichita Falls Bancshares is the holding company for First National Bank in Wichita Falls, Texas. The $1.5 billion First National Bank has seven branches and two mortgage offices in north Texas.
The merger is Investar’s second acquisition in Texas and first in the north Dallas region.
The merger “brings together two banks that share a common tradition, culture and commitment to community banking,” said Wichita Falls Bancshares President David Flack. “This merger will allow us to bring new products and services to our customers while keeping the same banking locations and trusted local bankers. We believe this merger creates more long-term value for our customers, communities and shareholders.”
Philadelphia-based Janney Montgomery Scott LLC was financial adviser to Investar, while Austin-based Fenimore Kay Harrison LLP was legal counsel to the company. Birmingham, Ala.-based Bradley Arant Boult Cummings LLP was legal counsel to Wichita Falls Bancshares, while Washington, D.C.-based Olson Palmer LLC was financial adviser.