Post Oak Bancshares, Inc. and SSB Bancshares, Inc. to Merge
HOUSTON, TEXAS – Post Oak Bancshares, Inc. announced today that it has entered into a definitive agreement and plan of merger (“Agreement”) with Anahuac, Texas-based SSB Bancshares, Inc. According to the terms of the Agreement, Post Oak Bancshares, Inc. ($916 million in total assets) will acquire all of the outstanding stock of SSB Bancshares, Inc. in a stock and cash transaction.
SSB Bancshares, Inc. is the holding company for Security State Bank, which operates three locations in Anahuac, Dayton, and Liberty, Texas. As of March 31, 2015, Security State Bank has $156 million of total assets, $85 million in total loans and $140 million in deposits. Security State Bank opened in Anahuac in 1925.
Under the terms of the Agreement, which has been unanimously approved by the boards of directors of both companies, Post Oak Bancshares, Inc. will issue shares of its common stock and cash for all outstanding shares of SSB Bancshares, Inc. common stock, subject to certain conditions and potential adjustments. Simultaneous with the closing of the transaction, SSB Bancshares, Inc. will merge into Post Oak Bancshares, Inc. and Security State Bank will merge into Post Oak Bank, N.A., a wholly-owned bank subsidiary of Post Oak Bancshares, Inc.
“The merger with Post Oak Bank fulfills our desire to partner with a strong, local bank to better meet the needs of our customers and community,” said Randall Nelson, Chairman of Security State Bank. Gary P. VanDeventer, President and CEO said, “We are excited to have found a great partner with Post Oak Bank. We feel very comfortable that our employees and especially our customers will benefit from this move.”
“This merger will add three convenient locations in east Houston giving us a total of eleven offices and over $1 billion in assets across the greater Houston area. We look forward to adding Randy Nelson to our board and executive committee as well as partnering with Gary VanDeventer and the rest of the SSB team to increase commercial lending in these important markets,” said Roland Williams, Post Oak Bank’s Chairman and President.
Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and approval by SSB Bancshares, Inc. shareholders. The transaction is expected to close in the fourth quarter of this year. Post Oak Bancshares, Inc. was advised by Sheshunoff & Co. Investment Banking and the law firm of Bracewell & Giuliani. SSB Bancshares, Inc. was advised by Performance Trust Capital Partners, LLC and the law firm of Fenimore Kay Harrison & Ford LLP.
Post Oak Bancshares Inc. is a Houston, Texas-based bank holding company with $916 million in assets as of March 31, 2015. The Company owns a commercial bank that currently has locations in Beaumont, Conroe, Galleria, Pasadena, Sugar Land, The Woodlands, Town & Country and Hwy. 290. The Company may be contacted at 713-439-3900. The Company’s website is www.postoakbank.com.