BATON ROUGE, La., March 01, 2019 (GLOBE NEWSWIRE) -- Investar Holding Corporation (ISTR) (“Investar”), the holding company of Investar Bank, today announced the completion of its acquisition of Mainland Bank (“Mainland”) in Texas City, Texas. A definitive agreement relating to the acquisition was previously announced in October 2018.
The acquisition became effective as of March 1, 2019. Pursuant to the terms of the definitive agreement, Mainland was merged with and into Investar Bank with Investar Bank as the surviving bank. Under the terms of the definitive agreement, all of the issued and outstanding shares of Mainland common stock were converted into aggregate merger consideration consisting of 763,849 shares of Investar common stock.
“Investar is excited to expand our footprint into the greater Houston market through the acquisition of Mainland Bank. As a community bank, we are focused on customer service, and we look forward to providing enhanced products and services to the customers and communities that we serve. We are enthusiastic about this partnership and look forward to welcoming Mainland Bank’s customers, shareholders and employees to the Investar family,” said John D’Angelo, President and Chief Executive Officer of Investar.
On March 1, 2019, Mainland Bank had approximately $125 million in assets, $84 million in gross loans, and $108 million in total deposits. Following the acquisition, on a pro forma basis, the combined organization is expected to have approximately $1.9 billion in total assets.
Investar Holding Corporation, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, a Louisiana-chartered bank. Investar Bank had total assets of approximately $1.8 billion as of December 31, 2018 and currently operates 24 branches, including three branches acquired on March 1, 2019, serving southeast Louisiana and southeast Texas.
This press release may include forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and assumptions about our business that are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from those described in this press release. You should not rely on forward-looking statements as a prediction of future events.
Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which are available on the Investar internet website http://www.InvestarBank.com.
We disclaim any obligation to update any forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based except as required by law.
Investar Holding Corporation
Chief Financial Officer