Baton Rouge, Louisiana-based Investar Holding Corp. (NASDAQ:ISTR) said Friday that it completed its acquisition of Wichita Falls Bancshares, the holding company for First National Bank of Wichita Falls, Texas, effective Jan. 1.
The transaction consideration consisted of $7.2 million in cash plus 3,955,334 shares of Investar common stock, for an aggregate value of approximately $112.9 million based on Investar's Dec. 31 closing price of $26.72 per share.
At closing, First National Bank had about $1.2 billion in total assets, $1 billion in net loans and $1 billion in total deposits, significantly expanding Investar's footprint in North Texas.
Two former Wichita Falls directors, David Flack and James Dunkerley, joined the boards of Investar and its banking subsidiary.
Janney Montgomery Scott and Olsen Palmer served as financial advisors to the transaction, while Fenimore Kay Harrison and Bradley Arant Boult Cummings provided legal counsel.
Investar, which operates primarily in Louisiana and surrounding states, has been pursuing growth through selective acquisitions to bolster its community banking presence.