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Southside Bancshares closes Diboll buy

Tyler, Texas-based Southside Bancshares Inc. on Nov. 30 closed its acquisition of Diboll State Bancshares Inc.

Diboll's First Bank & Trust East Texas, which had $1.01 billion in assets as of Sept. 30, has merged into Southside Bank, which had $5.48 billion.

In the transaction, Southside issued 5,535,000 of its common shares and approximately $23.9 million in cash. Based on its Nov. 30 closing price, the aggregate purchase price was about $224.3 million. It had been estimated at $218.8 million when the deal was announced in June.

Among those joining Southside from Diboll are H.J. Shands III, as director and regional president of East Texas; Joe Denman III, as executive vice president; and Richard Warner, as a board member.