Investar Completes Acquisition of Wichita Falls Bancshares for Approximately $112.9 Million
Investar Holding announced the completion of its acquisition of Wichita Falls Bancshares. An Agreement and Plan of Merger relating to the acquisition was previously announced in July. The acquisition became effective as of January 1. All of the issued and outstanding shares of Wichita Falls common stock were converted into aggregate merger consideration consisting of $7.2M in cash and 3,955,334 shares of Company common stock for an aggregate transaction value of approximately $112.9M. This value is based on the Company's closing stock price on December 31, of $26.72 per common share. Additionally, David Flack and James Dunkerley, two former directors of Wichita Falls and FNB, were appointed to the Board of Directors of the Company and the Bank upon completion of the acquisition.
