Investar adding Texas branches through deal with Hilltop
Investar Holding in Baton Rouge, La., has agreed to buy two Texas branches from Hilltop Holdings in Dallas.
The $2 billion-asset Investar said in a press release Monday that it will gain $42 million in deposits and $52 million in loans from the PlainsCapital Bank branches, which are located in Victoria and Alice.
The deal is expected to close in the first quarter. Investar did not disclose the price it will pay.
“We are excited for the opportunity to welcome these new Texas customers … as we strengthen our franchise and expand services into these two additional Texas communities,” John D’Angelo, Investar’s president and CEO, said in the release.
“We believe these branches will complement our recent entry into Texas, allowing us to strategically expand our Texas footprint while adding new loan customers and low-cost deposits,” D’Angelo added.
Investar entered Texas earlier this year when it bought Mainland Bank.
Performance Trust Capital Partners and Fenimore, Kay, Harrison & Ford advised Investar.