Boston, MA 05\/01\/2014 (wallstreetpr) \u2013 OmniAmerican Bancorp, Inc. (NASDAQ:OABC)<\/b> has agreed to merge with Southside Bancshares, Inc. (NASDAQ:SBSI)<\/b> in a deal that is likely to create a bank with more than $5 billion assets. The merger will be followed with consolidation to ensure that the combined business performs according to expectations. However, the two companies announced the consolidation will not impact jobs. In any case, they said the merger should be beneficial to employees as it is to the investors.<\/p>\n
Boards of directors of the two companies have approved the deal. However, shareholders will have their say to allow the combination to happen. Moreover, the merger will require regulatory approval.<\/p>\n
The transaction to unite the companies is expected to close in the fourth quarter.<\/p>\n
Cash and stock transaction<\/b><\/p>\n
In the transaction, shareholders of OmniAmerican Bancorp, Inc. (NASDAQ:OABC) will receive cash and stock award from Southside Bancshares. Half of the payment that values each share of OmniAmerican Bancorp at $26.71 will be made in cash and the other half in stock. In that case, shareholders in OmniAmerican will get 0.4459 in common stock shares of Southside.<\/p>\n
If the deal goes through, it will result in the creation of the ninth largest bank organization with headquarters in Texas.<\/p>\n
Customer satisfaction<\/b><\/p>\n
In addition to enhancing shareholder value, the companies expect their unity to enhance customer experience. Besides having more bank branches to serve a swelling number of customers, Southside Bancshares expects the transaction to lead to a perfect cultural fit. OmniAmerican\u2019s vibrant mortgage franchise will meet Southside\u2019s robust electronic banking. As a result, customers will enjoy a wide range of banking solutions under one roof.<\/p>\n
The streamlining that follows after the closing of the merger is expected to lead to revenue growth and reduction of costs and expenses.<\/p>\n
Management structure<\/b><\/p>\n
The executive management at OmniAmerican Bancorp, Inc. (NASDAQ:OABC) will retain its position after the merger. However, current CEO Tim Carter, will become the president of North Texas Region in the combined company.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/01\/2014 (wallstreetpr) \u2013 OmniAmerican Bancorp, Inc. (NASDAQ:OABC) has agreed to merge with Southside Bancshares, Inc. (NASDAQ:SBSI) in a deal that is likely to […]<\/p>\n","protected":false},"author":12,"featured_media":20868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[6246,6248,6245,6247],"stock_ticker":[],"class_list":["post-20865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nasdaqoabc","tag-nasdaqsbsi","tag-omniamerican-bancorp-inc-nasdaqoabc","tag-southside-bancshares-inc-nasdaqsbsi","entry"],"acf":[],"yoast_head":"\n