Alston & Bird client Southside Bancshares, Inc., parent company of Texas-based Southside Bank, has signed a definitive agreement to acquire Diboll State Bancshares, Inc., for approximately $218.8 million.
The combined company will have nearly $7 billion in assets and operate under the names Southside Bancshares, Inc., and Southside Bank.
The merger has been unanimously approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2017, after receipt of regulatory approvals, the approval of Diboll’s shareholders, and the satisfaction of other customary closing conditions.
Advising Southside Bancshares is an Alston & Bird team led by partners Lesley Solomon and David E. Brown, assisted by senior associate Rebecca Valentino and associate Swathi Padmanabhan (Corporate & Business Transactions); counsels Dan Taylor and Leah Singleton (Employee Benefits & Executive Compensation); partner Clay Littlefield (Tax); counsel Joe Yesutis and associate Sam Boro (Bank Regulatory); and partner Brett Coburn and senior associate Isabella Lee (Labor & Employment).
The combined company will have nearly $7 billion in assets and operate under the names Southside Bancshares, Inc., and Southside Bank.
The merger has been unanimously approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2017, after receipt of regulatory approvals, the approval of Diboll’s shareholders, and the satisfaction of other customary closing conditions.
Advising Southside Bancshares is an Alston & Bird team led by partners Lesley Solomon and David E. Brown, assisted by senior associate Rebecca Valentino and associate Swathi Padmanabhan (Corporate & Business Transactions); counsels Dan Taylor and Leah Singleton (Employee Benefits & Executive Compensation); partner Clay Littlefield (Tax); counsel Joe Yesutis and associate Sam Boro (Bank Regulatory); and partner Brett Coburn and senior associate Isabella Lee (Labor & Employment).