Investar Holding Corp has acquired Boj Bancshares Inc., in a transaction is valued at approximately $22.1 million
According to the transaction, Investar Holding Corp shareholders of BOJ will also be entitled to receive an aggregate of 799,559 shares of Investar common stock
Investar Holding Corp – agreement provides for consideration to be paid to shareholders of BOJ in form of cash and shares of Investar common stock
Investar Holding Corp – expected that shareholders of BOJ will own approximately 9% of combined company following acquisition
Investar – estimates annual pre-tax expense reductions associated with the transaction will approximate 30% of Highlands Bank’s annual non-interest expenses.
Investar Holding Corp – expense savings from deal are estimated to be fully achieved beginning in 2018.
Investar Holding Corp – transaction is expected to be immediately accretive to 2018 EPS and accretive to tangible book value at closing