El Paso, Texas-based WestStar Bank Holding Co. Inc. provided considerationdetails of its pending dealfor Fabens, Texas-based FirstFabens Bancorp Inc., the parent of . WestStarBank Holding is the holding company of WestStar Bank.
Under the agreement, each common share of First Fabens willbe entitled to receive 20.6919 common shares of WestStar Bank Holding, providedthat any First Fabens' common stockholder holding fewer than 100 shares willreceive $3,275.51 per First Fabens' common share. And in lieu of issuingfractional shares, WestStar Bank Holding will pay cash in the amount of $158.30per share of its common stock, according to a regulatory filing dated April 1.
With respect to the exchange ratio, WestStar Bank Holding isset to issue new shares to convert all First Fabens shares into WestStar BankHolding shares. In doing that, it will issue about 25% of its total commonstock outstanding after merger completion.