Spirit of Texas Bancshares to acquire Comanche National Corporation
Spirit of Texas Bancshares announced that it has entered into a definitive agreement to acquire through a series of mergers Comanche National Corporation and its subsidiary, Comanche National Bank, in a cash and stock transaction for total consideration valued at approximately $55.9M based on Spirit's closing price of $20.36 per share on July 18. Under the terms of the Agreement, Spirit will issue 2.14M shares of its common stock and pay an estimated $12.2M 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 directors of each company has unanimously approved the transaction, and certain large shareholders of Comanche have entered into agreements with Spirit pursuant to which they have agreed to vote their shares of Comanche common stock in favor of the transaction. The transaction is expected to close in Q4, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of Comanche's and Spirit's shareholders.