Spirit of Texas Bancshares, Inc. to Acquire Comanche National Corporation and Its Subsidiary, Comanche National Bank
Spirit of Texas Bancshares, Inc. (STXB)
Last spirit of texas bancshares, inc. earnings: 4/29 04:30 pm
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Source: GlobeNewswire
CONROE, Texas, July 19, 2018 (GLOBE NEWSWIRE) -- 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 entered into a definitive agreement (the “Agreement”) to acquire through a series of mergers Comanche National Corporation and its subsidiary, Comanche National Bank (together, “Comanche”), in a cash and stock transaction for total consideration valued at approximately $55.9 million based on Spirit’s closing price of $20.36 per share on July 18, 2018. Under the terms of the Agreement, Spirit will issue 2,142,857 shares of its common stock and pay an estimated $12.2 million in cash, after taking into account Comanche’s estimated transaction costs and subject to certain other adjustments, to the shareholders of Comanche National Corporation. Comanche shareholders will own approximately 18% of the outstanding capital stock of Spirit once the transaction is complete. The board of di
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