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Texas-based Southside's board proposes doubling of authorized common stock

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Texas-based Southside's board proposes doubling of authorized common stock

Southside Bancshares Inc. stockholders will vote on a proposed increase of the Tyler, Texas-based company's authorized common stock.

The board is proposing to double the count to 80 million from the current 40 million shares, saying that, of the latter figure, fewer than 1,187,040 shares are still available for future issuances.

The shareholders will vote on the matter at the May 9 annual meeting.