Allegiance Bancshares, Inc.’s acquisition of Post Oak Bancshares, Inc.


Post Oak was advised in this transaction by Performance Trust Capital Partners, LLC as financial advisor and Fenimore Kay Harrison & Ford LLP as legal counsel. Bracewell LLP was legal counsel to Allegiance and Raymond James & Associates, Inc. issued a fairness opinion to Allegiance’s board of directors.

Allegiance Bancshares, Inc. (NASDAQ:ABTX), the holding company of Allegiance Bank, signed a definitive merger agreement with Post Oak Bancshares, Inc., the holding company of Post Oak Bank, N.A., whereby Post Oak will be merged with and into Allegiance.

Post Oak Bank, N.A. operates thirteen (13) banking locations: twelve (12) located throughout the greater Houston MSA and one in Beaumont, just outside of Houston. As of March 31, 2018, Post Oak, on a consolidated basis, reported total assets of $1.43 billion, total loans of $1.15 billion and total deposits of $1.24 billion.

Under the terms of the definitive agreement, Allegiance will issue 0.7017 shares of Allegiance common stock for each outstanding share of, and option to purchase a share of, Post Oak capital stock, subject to certain conditions and potential adjustments.

Upon completion of the transaction, Roland Williams will serve as Executive Vice Chairman of Allegiance Bank.

The merger has been unanimously approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2018, although delays may occur. The transaction is subject to certain conditions, including the approval by Allegiance and Post Oak shareholders and customary regulatory approvals.

Bracewell advised with a team including Will Anderson (Picture), Scott C. Sanders, Rebecca L. Baker, Troy L. Harder, Timothy A. Wilkins, Michele J. Alexander, Joshua T. McNulty, Kathy Witty Medford and Tyler C. Lohs.

Involved fees earner: William Anderson – Bracewell; Troy Harder – Bracewell; Timothy Wilkins – Bracewell; Joshua McNulty – Bracewell; Kathy Witty Medford – Bracewell; Tyler C. Lohse – Bracewell; Rebecca Baker – Bracewell; Scott Sanders – Bracewell; Michele Alexander – Bracewell;

Law Firms: Bracewell;

Clients: Allegiance Bancshares Inc.;

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Author: Ambrogio Visconti