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Vista Bancshares inks deal to acquire Hamlin Financial

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Vista Bancshares inks deal to acquire Hamlin Financial

Lubbock, Texas-based Vista Bancshares Inc. has inked a cash-and-stock deal to acquire all outstanding shares of Hamlin, Texas-based Hamlin Financial Corp., in a transaction set to close during the second quarter.

According to a Jan. 30 news release, the combined company is expected to have $480 million in assets.

SNL Financial valuations for bank and thrift targets in the Southwest region between Jan. 30, 2016, and Jan. 30, 2017, averaged 159.74% of book, 177.99% of tangible book and had a median of 21.54x last-12-months earnings, on an aggregate basis.

Hamlin National Bank has assets of $84 million, $35 million in total loans and $69 million in deposits as of Dec. 31, 2016, the release said. As of the same date, Vista Bank had assets of $395.3 million, based on SNL data.

Hamlin National will merge into Vista Bank once the transaction closes. The news release also indicated that a number of directors and executives from Hamlin National have entered into agreements with Vista Bank.

Based on data compiled by SNL, Vista Bancshares Inc. will enter Haskell County, Texas, with one branch to be ranked second with a 30.11% share of approximately $101.97 million in total market deposits and will enter Jones County, Texas, with one branch to be ranked second with a 29.01% share of approximately $142.46 million in total market deposits.

The deal is still subject to both regulatory and shareholder approvals.

Stephens Inc., represented by Justin Evans, acted as financial adviser to Vista Bancshares, with Fenimore Kay Harrison & Ford LLP as legal counsel. Hamlin Financial was advised by Hunton & Williams as legal counsel.

To use SNL's branch analytics tools to compare market overlap, click here. To use SNL Maps to create custom maps, click here.

SNL Financial is an offering of S&P Global Market Intelligence.