Southside Bancshares Receives Regulatory Approvals for Merger with Diboll State Bancshares,
OREANDA-NEWS. November 03, 2017. The Board of Directors of Southside Bancshares, Inc. (“Southside”), (NASDAQ:SBSI), parent company of Southside Bank declared a regular quarterly cash dividend of $0.28 per common share. In a separate action, the Board declared a special cash dividend of $0.02 per common share. The combined cash dividend of $0.30 per common share is payable to common stock shareholders of record on November 16, 2017. The cash dividend is scheduled for payment on November 30, 2017.
Southside is also pleased to announce that it has received all regulatory approvals required to complete its merger with Diboll State Bancshares, Inc. ("Diboll"), which is scheduled to occur on or about November 30, 2017, subject to customary closing conditions.
After the merger, Southside will have 60 branches in Texas and combined assets of approximately $6.5 billion. The merger, which was unanimously approved by the board of directors of both Southside and Diboll, received the approval of Diboll’s shareholders on October 17, 2017.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding company with approximately $5.48 billion in assets that owns 100% of Southside Bank. Southside Bank currently has 43 branches in Texas and operates a network of 71 ATMs.
To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://www.southside.com/about/investor-relations/. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the E-mail Notification portion of the website. Questions or comments may be directed to Suni Davis at (903) 531-7235, or email@example.com.
Southside Bancshares, Inc. has filed a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement included a proxy statement of Diboll State Bancshares, Inc. that also constitutes a prospectus of Southside Bancshares, Inc. The registration statement has been declared effective by the SEC and a definitive proxy statement/prospectus was delivered to the shareholders of Diboll State Bancshares, Inc. SOUTHSIDE BANCSHARES, INC. AND DIBOLL STATE BANCSHARES, INC. URGE INVESTORS AND SECURITY HOLDERS TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain (when available) copies of all documents filed with the SEC regarding the transaction, free of charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from: (i) Southside Bancshares, Inc.’s website (www.southside.com) under the tab “Investor Relations,” and then under the tab “Documents”; (ii) Southside Bancshares, Inc. upon written request to Corporate Secretary, P.O. Box 8444, Tyler, Texas 75711; or (iii) Diboll State Bancshares, Inc. upon written request to Jay Shands at 104 North Temple Drive, Diboll, TX 75941.