BATON ROUGE, LA / ACCESS CABLE / July 18, 2022 / Investar Holding Corporation (NASDAQ:ISTR) (“Investar”), today announced that its wholly owned subsidiary, Investar Bank, National Association, Baton Rouge, Louisiana (“Investar Bank”), has entered into an agreement to sell certain assets, deposits and other liabilities associated with the Alice, Texas and Victoria, Texas locations to First Community Bank, Corpus Christi, Texas (“First Community”). First Community is a wholly owned subsidiary of Coastal Bend Bancshares, Inc.
In accordance with the related purchase and assumption agreement, First Community is expected to acquire approximately $23 in loans and assume approximately $27 in deposits in the transaction. First Community also hopes that it will eventually consolidate Investar’s two locations with its existing branches in Alice and Victoria, Texas.
“We hope that this sale of our South Texas branches will allow us to focus more on our core markets,” said Investar Chairman and CEO John D’Angelo. “Of the entire Investar branch network, these two locations are geographically the most distant from our headquarters in Louisiana. We believe that First Community will serve our South Texas customers well after completing the sale.”
Completion of the sale of the branch remains subject to regulatory approval and other customary closing conditions contained in the purchase and assumption agreement. The pending sale is expected to close in the first quarter of 2023. Customers of these branches will receive additional information in the coming months.
Investar Holding Corporation, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly owned banking subsidiary, Investar Bank, National Association. The Bank currently operates 31 branches serving Louisiana, Texas and Alabama. As of March 31, 2022, the Bank had 336 full-time equivalent employees and total assets of $2.6 billion.
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East Press release may include forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions about our business that are subject to a variety of risks and uncertainties that could cause actual results to be different. differ materially from those described in this Press release. You should not rely on forward-looking statements as a prediction of future events.
Additional information about factors that could cause actual results to differ materially from those discussed in any forward-looking statements, including our Annual Report on Form 10-K and Reports, is described in our reports and registration statements with the SEC. subsequent quarterly reports on Form 10-Q and current reports on Form 8-K, copies of which are available on Investar’s Internet website at http://www.InvestarBank.com.
We disclaim any obligation to update any forward-looking statement or any change in events, conditions or circumstances on which any forward-looking statement may be based, except as required by law.
Invest Holding Corporation
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