Spirit of Texas Bancshares acquires Firts Beeville Finacial for $63.7M
Spirit of Texas Bancshares, the holding company for Spirit of Texas Bank, SSB, announced that it is expanding its footprint into the Beeville, San Antonio and Corpus Christi markets with its acquisition of First Beeville Financial Corporation and its bank subsidiary, The First National Bank of Beeville. On November 27 Spirit entered into a definitive agreement to acquire Beeville, in a cash and stock transaction for total consideration value of approximately $63.7M based on Spirit's closing price of $19.81 per share on November 26. Under the terms of the transaction, Spirit will issue 1,579,268 shares of its common stock and pay $32.4M in cash, subject to certain adjustments, to the shareholders of First Beeville Financial. The board of directors of each company has unanimously approved the transaction, and the directors of Beeville have entered into agreements with Spirit pursuant to which they have agreed to vote their shares of Beeville common stock in favor of the transaction. The transaction is expected to close in the Q2 of FY19, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of Beeville's shareholders. Upon completion of the transaction, Brian Schneider, Chairman and President of Beeville, and Kent Fry, Executive Vice President and Chief Lending Officer of The First National Bank of Beeville, will join Spirit of Texas Bank management. Additionally, upon completion of the transaction, Allen C. Jones IV will be appointed to the Spirit Board of Directors, and Brannon Brooke and George G. Latcham will be appointed to the Spirit of Texas Bank Board of Directors.