Vista Bancshares, Inc. announces agreement to acquire the Hamlin - KCBD NewsChannel 11 Lubbock

Vista Bancshares, Inc. announces agreement to acquire the Hamlin Financial Corporation

Vista Bank Logo (Source: Facebook) Vista Bank Logo (Source: Facebook)

Provided by Vista Bancshares, Inc.

Vista Bancshares, Inc., the holding company for Vista Bank, today announced that it has entered into a definitive agreement to acquire The Hamlin Financial Corporation and its subsidiary, Hamlin National Bank.

The Hamlin Financial Corporation, through Hamlin National Bank, operates full service banking locations in Hamlin and Rule, Texas.  Hamlin National Bank was established in 1907 and has assets of $84 Million, $35 Million in total loans and $69 Million in deposits, as of December 31, 2016.  Based upon its December 31, 2016 balance sheet, Vista Bancshares, Inc. would have total assets of approximately $480 Million upon completion of the transaction.

The transaction has been approved by the boards of directors of both companies.  Vista Bancshares, Inc. will issue shares of its common stock and cash for all outstanding shares of The Hamlin Financial Corporation common stock.  The transaction is expected to be completed in the second quarter of 2017, subject to customary conditions, and shareholder and regulatory approvals.  In connection with the closing of the transaction, Hamlin National Bank will merge into Vista Bank.  Certain directors and executive officers of Hamlin National Bank have entered into agreements with Vista Bank.

John D. Steinmetz, President and Chief Executive Officer of Vista Bank said, “We are excited about the opportunity to serve Hamlin, Rule, and the surrounding areas and want to welcome Hamlin National Bank’s team, clients, and shareholders to Vista Bank.  We look forward to delivering competitive products and innovative technology to the area and upholding Hamlin National Bank’s commitment to community.”

Mickey Long, Chairman of Vista bank said, “Vista Bank continues to look for opportunities to enhance our presence across Texas, and Hamlin National Bank’s locations in Hamlin and Rule are an excellent fit for us.”

Gary Ford, President of Hamlin National Bank said, “We are excited to become part of the Vista Bank family.  We chose Vista Bank as a merger partner because their history and operating philosophy is similar to ours while at the same time allowing us to bring new financial capabilities to our customer base in Jones and Haskell counties.  We are confident all our stakeholders and our communities at large will benefit from this transaction and the future growth of Vista Bank.”

Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and approval of The Hamlin Financial Corporation shareholders.  Vista Bancshares, Inc. was advised in this transaction by Stephens Inc. as financial advisor, and Fenimore Kay Harrison & Ford LLP as legal counsel.  The Hamlin Financial Corporation was advised by Hunton & Williams as legal counsel.

About Vista Bancshares

Vista Bancshares, Inc. is a Texas-based bank holding company with $396 Million in assets as of December 31, 2016.  The Company owns Vista Bank which operates 11 full-service locations in Lubbock and the surrounding area, and loan and deposit production offices in Dallas and Fort Worth.  Formed in 1912 and operating as a true community bank, Vista Bank seeks to serve families and businesses by offering the best in banking technologies, products, and services. Vista Bank offers a variety of traditional loan and deposit products to its customers, which consist primarily of small and medium sized businesses and consumers. The company’s website is www.vistabank.com.

Powered by Frankly