Baton Rouge, La.-based Investar Bank NA is acquiring two of Dallas-based PlainsCapital Bank's branches.
The branches are located in Victoria and in Alice, Texas. Investar Bank expects to acquire about $42 million in deposits and $52 million in loans and it will also acquire substantially all the fixed assets of the branches and assume the leases of the branch facilities.
The deal is expected to close in the first quarter of 2020. Financial terms of the transaction were not disclosed.
Investar Bank, a unit of Investar Holding Corp., had about $2.00 billion of assets as of June 30, according to S&P Global Market Intelligence data. PlainsCapital Bank, a unit of PlainsCapital Corp., had total assets of about $10.56 billion as of the same date.
Hilltop Holdings Inc. is the parent of PlainsCapital Corp.
Performance Trust Capital Partners LLC is Investar Holding's financial adviser in the deal, while Fenimore Kay Harrison & Ford LLP is the legal counsel.
