|Over a week ago|
CBTX, Allegiance Bancshares announce FDIC approval of merger of equals » 09:1706/1606/16/22
Allegiance Bancshares (ABTX) and CBTX (CBTX) jointly announced receipt of regulatory approval from the Federal Deposit Insurance Corporation, which follows the recent approval from shareholders of both companies. The merger remains subject to the receipt of regulatory approvals from the Board of Governors of the Federal Reserve System and the Texas Department of Banking. The companies expect to close the merger in the third quarter after receipt of such approvals and the satisfaction of other customary closing conditions.
|Over a month ago|
CBTX, Allegiance Bancshares shareholders approve merger » 19:3405/2405/24/22
Allegiance Bancshares (ABTX) and CBTX (CBTX) announced that their respective shareholders had approved the agreement for the merger of equals of Allegiance and CBTX. These approvals complete another step in the process to establish Stellar Bank, a premier local bank with the scale and capabilities to provide extraordinary service to a broad range of business and consumer customers throughout the Houston region and beyond. The companies expect to close the merger after receipt of regulatory approvals and the satisfaction of other customary closing conditions.
CBTX, Allegiance Bancshares introduce Stellar Bank resulting from merger » 09:1805/1705/17/22
CBTX, Inc. (CBTX) and…
CBTX, Inc. (CBTX) and Allegiance Bancshares, Inc. (ABTX) jointly announced that Stellar Bancorp, Inc. will be the name of the combined company and Stellar Bank will be the name of the combined bank to be created through their merger of equals. Upon completion of the merger, Stellar Bank is expected to have over $11 billion in assets and have the 6th largest deposit market share in Houston. The two companies took a purposeful and collaborative approach to the development of the new name. Guided by research and branding consultants, extensive exploration resulted in the name, Stellar Bank. The companies will reveal additional brand elements, such as the logo, at a later date. The organizations expect to operate under the Stellar Bank name later in the year, once system conversion has been completed, which will take place after the legal closing of the merger. Until then, customers will continue to be served under the Allegiance Bank and CommunityBank of Texas brands for the near future. The merger is expected to close during the second quarter, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company.
Allegiance Bancshares expects to close CBTX merger in Q2 » 07:0804/2904/29/22
On November 8, 2021,…
On November 8, 2021, Allegiance and CBTX, Inc., jointly announced that they entered into a definitive merger agreement pursuant to which the companies will combine in an all-stock merger of equals. CBTX reported total assets of $4.49 billion as of December 31, 2021. Under the terms of the definitive merger agreement, Allegiance shareholders will receive 1.4184 shares of CBTX, Inc. common stock for each share of Allegiance common stock they own. Following the completion of the merger, we estimate that former Allegiance shareholders will own approximately 54% and former CBTX, Inc. shareholders will own approximately 46% of the combined company. The companies have submitted the required regulatory filings and, subject to satisfaction or in some cases waiver of the closing conditions, including approval of the merger agreement by both companies' shareholders, the parties anticipate closing in the second quarter of the year. Each company has scheduled a special meeting for May 24, 2022 at which its respective shareholders will consider and vote on the merger agreement and other related matters.
Allegiance Bancshares board authorizes share repurchase up to 1M shares » 07:0804/2904/29/22
On April 28, 2022, the…
On April 28, 2022, the Board of Directors of Allegiance authorized the repurchase of up to one million shares of outstanding Allegiance common stock through April 30, 2023. Repurchases under this program may be made from time to time through open market purchases, privately negotiated transactions or such other manners as will comply with applicable laws and regulations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program does not obligate Allegiance to purchase any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased by Allegiance. Allegiance may suspend, modify or terminate the program at any time and for any reason, without prior notice. On April 30, 2022, the Company's previously approved one million share repurchase authorization will expire.
Allegiance Bancshares reports Q1 EPS 91c, consensus 82c » 07:0704/2904/29/22
Total assets at March 31,…
Total assets at March 31, 2022 increased $718.4 million, or 11.2%, to $7.15 billion compared to $6.43 billion at March 31, 2021 and increased $44.4 million, or 2.5% (annualized), compared to $7.10 billion at December 31, 2021, primarily due to the increased origination of core loans and growth in the securities portfolio partially offset by paydowns of PPP loans. Reports book value per share $36.90. Reports CET1 ratio 12.28%. "We are delighted to report a productive start to 2022 driven by record core loan originations, with growth at an annualized rate of over 12% in the first quarter," said Steve Retzloff, Allegiance's Chief Executive Officer. "Our team's outstanding efforts also delivered solid earnings results, credit quality metrics and deposit growth," continued Retzloff. "We are excited about the future of Allegiance and the pending merger of equals with CBTX, Inc. Our companies are embracing a unified approach as we collaborate to become the premier bank headquartered in the Houston region. We continue to remain true to delivering personalized and remarkable service to all of our customers. The effective combination of scale with our well-established relationship banking further strengthens our competitive position in a large and expanding market," concluded Retzloff.
|Over a quarter ago|
Allegiance anticipates closing of CBTX merger in Q2 » 07:0801/2801/28/22
On November 8, 2021,…
On November 8, 2021, Allegiance and CBTX, jointly announced that they entered into a definitive merger agreement pursuant to which the companies will combine in an all-stock merger of equals to create a combined company. The companies have submitted the required regulatory filings and, subject to satisfaction or in some cases waiver of the closing conditions, including approval of the merger agreement by both companies' shareholders, the parties anticipate closing in the second quarter of the year.
Allegiance Bancshares reports Q4 EPS $1.06, consensus 95c » 07:0601/2801/28/22
Total assets at December…
Total assets at December 31, 2021 increased $1.05B, or 17.4%, to $7.10B compared to $6.05B at December 31, 2020 and increased $345.2M, or 20.4%, compared to $6.76B at September 30, 2021, primarily due to increased liquidity, growth in the securities portfolio and the origination of core loans partially offset by paydowns of PPP loans. Reports tangible book value per share $28.43. Reports common equity tier 1 capital ratio 12.47%. "2021 was a remarkable year for Allegiance," said Steve Retzloff, Allegiance's Chief Executive Officer. "We are very proud of our entire team whose dedication led to record earnings results. Our outstanding success in the Paycheck Protection Program over its extended timeframe was not only a significant revenue contributor but these loans also provided much appreciated assistance in our community and further bolstered valuable customer relationships. Our continued success is directly attributable to the many ways our outstanding employees deliver a differentiated level of extraordinary service," commented Retzloff.
Allegiance Bancshares trading resumes 09:5011/0811/08/21
Allegiance Bancshares, CBTX enter agreement to combine in all-stock merger » 09:0711/0811/08/21
Allegiance Bancshares and…
Allegiance Bancshares and CBTX announced that they have entered into a definitive agreement pursuant to which the companies will combine in an all-stock merger of equals to create a combined company with an equity market capitalization of approximately $1.5 billion and the 17th largest deposit market share in the State of Texas. Under the terms of the definitive merger agreement, Allegiance shareholders will receive 1.4184 shares of CBTX common stock for each share of Allegiance common stock they own. Based on the number of outstanding shares of Allegiance and CBTX as of November 5, 2021, Allegiance shareholders will own approximately 54% and CBTX shareholders will own approximately 46% of the combined company. Enhanced Profitability: On a pro forma basis, the combined company expects to deliver improved performance, with a targeted 2023 return on average assets of approximately 1.3%, return on average tangible common equity of approximately 12% and efficiency ratio of approximately 52%. Cost Synergy Opportunity: The merger is expected to generate an estimated $35.5 million of run-rate cost synergies by 2023, which represents approximately 15% of combined annual operating expense. Meaningful earnings per share and earnings accretion: The merger is targeted to deliver 40% and 17% accretion to CBTX's and Allegiance's earnings per share in 2023, respectively. Strong Combined Capital Levels: The combined company is expected to have a tangible common equity ratio of above 9.5% at closing. The combined company's expected strong capital ratios will support growth and capital management strategies. Reflecting the contribution both organizations bring to the combined company, the well-respected board and management team that is comprised of individuals with significant financial services experience will draw from both sides. Steve Retzloff, Chief Executive Officer of Allegiance, will be the Executive Chairman of the combined company; Bob Franklin, Chairman, Chief Executive Officer and President of CBTX, will be the Chief Executive Officer of the combined company; Ray Vitulli, President of Allegiance, will be the Chief Executive Officer of the combined bank; Paul Egge, Chief Financial Officer of Allegiance, will be the Chief Financial Officer of the combined company; Joe West, Chief Credit Officer of CBTX, will be the Chief Credit Officer of the combined bank; The board of directors of the combined company will initially be comprised of 14 directors - seven from Allegiance and seven from CBTX; Mr. Retzloff and Mr. Franklin will both be named directors of the combined company. The merger is expected to close early in the second quarter of 2022, subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals and approvals of shareholders of each company.