Investar Holding Corporation Announces Completion of Cheaha Financial Group, Inc. Acquisition
01 Avril 2021 - 4:52PM
Investar Holding Corporation (Nasdaq:ISTR) (the “Company”), the
holding company of Investar Bank, National Association (the
“Bank”), today announced the completion of its acquisition of
Cheaha Financial Group, Inc. (“Cheaha”), the holding company for
Cheaha Bank, in Oxford, Alabama. A definitive agreement relating to
the acquisition was previously announced in January 2021.
The acquisition became effective as of April 1,
2021. Pursuant to the terms of the definitive agreement, the
Company paid $80.00 in cash consideration for each share of Cheaha
common stock, for an aggregate transaction value of approximately
$41.1 million.
“Investar is excited to expand our footprint
into the northeast Alabama market through the acquisition of
Cheaha. We believe these branches will complement our recent entry
into Alabama. As a community bank, we are focused on customer
service, and we look forward to providing enhanced products and
services to the customers and communities that we serve. We are
enthusiastic about this partnership and look forward to welcoming
Cheaha’s customers, shareholders and employees to the Investar
family,” said John D’Angelo, President and Chief Executive Officer
of the Company.
“The entire Cheaha team could not be more
pleased with this partnership. The successful closing of this
transaction is a testament to how well matched Cheaha’s culture and
values are with those of Investar. We know our customers and our
local communities will be as pleased with the Investar family as we
already are,” said Shad Williams, President and Chief Executive
Officer of Cheaha.
As of March 31, 2021, Cheaha Bank had
approximately $238 million in assets, $120 million in net loans,
and $206 million in total deposits. Following the acquisition, on a
pro forma basis, the combined organization is expected to have
approximately $2.6 billion in total assets.
About Investar
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 had total assets of
approximately $2.3 billion and 323 full-time equivalent employees
as of December 31, 2020 and currently operates 35 branches,
including four branches acquired on April 1, 2021, serving its
markets in Louisiana, Texas, and Alabama.
Forward-Looking Statements
This press release may include forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based upon
current expectations and assumptions about our business that are
subject to a variety of risks and uncertainties that could cause
the actual results to 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
regarding factors that could cause actual results to differ
materially from those discussed in any forward-looking statements
are described in reports and registration statements we file with
the SEC, including our Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
copies of which are available on the Investar internet website
http://www.InvestarBank.com.
We disclaim any obligation to update any
forward-looking statements or any changes in events, conditions or
circumstances upon which any forward-looking statement may be based
except as required by law.
Contact:Investar Holding
CorporationChris HufftChief Financial Officer(225)
227-2215Chris.Hufft@investarbank.com
Investar (NASDAQ:ISTR)
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