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Spirit of Texas Bancshares Inc.

03/15/2019 | Press release | Distributed by Public on 03/15/2019 05:19

Spirit Of Texas Bancshares, Inc. Receives Shareholder And Regulatory Approvals To Acquire Beeville Financial Corporation

CONROE, Texas, March 15, 2019 /PRNewswire/ -- Spirit of Texas Bancshares, Inc. (NASDAQ:STXB) (the 'Company' or 'Spirit'), the holding company for Spirit of Texas Bank, SSB, today announced that it has received the regulatory and shareholders approvals needed to acquire Beeville Financial Corporation and its subsidiary, The First National Bank of Beeville (together, 'Beeville'). The transaction is expected to close on April 2, 2019.

'We are pleased to have received regulatory and shareholders approvals to acquire Beeville and look forward to closing the transaction on April 2nd,' said Dean O. Bass, Spirit's Chairman and Chief Executive Officer. 'As previously stated, this transaction is accretive to earnings and enables us to leverage the strengths of both organizations. Beeville immediately makes our collective team a key player in the South Texas market, offering a wider array of financial solutions. Once closed, our teams look forward to working hard to prepare for the conversion in mid-August, 2019. Together, we remain committed to serving the surrounding communities as we develop our presence throughout the South Texas market in the years ahead.'

As of December 31, 2018, Spirit reported total assets of $1.5 billion, total deposits of $1.2 billion, and total stockholders' equity of $199 million and Beeville, on a consolidated basis, reported total assets of $435 million, total deposits of $395 million, and total equity capital of $38 million.

About Spirit of Texas Bancshares, Inc.

Spirit of Texas Bancshares, Inc., through its wholly owned subsidiary, Spirit of Texas Bank, SSB, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Spirit operates in the Houston, Dallas/Fort Worth and Bryan/College Station metropolitan areas and North Central and South Texas markets. More information is available at www.sotb.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Forward-looking statements speak only as of the date they are made and, except as required by law, we do not assume any duty to update forward-looking statements. Such forward-looking statements include, but are not limited to, statements concerning such things as our plans, objectives, strategies, expectations and intentions and other statements that are not statements of historical fact, and may be identified by words such as 'anticipates,' 'believes,' 'could,' 'estimates,' 'expects,' 'forecasts,' 'goal,' 'intends,' 'may,' 'might,' 'plan,' 'probable,' 'projects,' 'seeks,' 'should,' 'target,' 'view' or 'would' or the negative of these words and phrases or similar words or phrases. Factors that could cause our actual results to differ materially from those described in the forward-looking statements include, among others: (i) the possibility that any of the anticipated benefits of the proposed transaction will not be realized or will not be realized within the expected time period; (ii) the risk that integration of the operations of Comanche Bank will be materially delayed or will be more costly or difficult than expected; (iii) the effect of the announcement of the transaction on customer relationships and operating results; and (iv) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events. For a discussion of additional factors that could cause our actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other reports that are filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.

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SOURCE Spirit of Texas Bancshares, Inc.