Investar Bank and National Association Agree to Sell Two South Texas Branches to First Community Bank

Baton Rouge, LA , 07/18/2022 / 04:01 PM, CST/CDT – EQS Newswire – Investar Bank (Nasdaq)

BATON ROUGE, LA /ACCESSWIRE/July 18, 2022/ Investar Holding Corporation (NASDAQ:ISTR) (“Investar”), today announced that its wholly-owned subsidiary, Investar Bank, National Association, Baton Rouge, Louisiana (“Investar Bank”), has entered into an agreement to sell certain assets, deposits and other liabilities associated with the Alice, Texas and Victoria, Texas sites to First Community Bank, Corpus Christi, Texas (“First Community”). First Community is a wholly owned subsidiary of Coastal Bend Bancshares, Inc.

Pursuant to the related purchase and assumption agreement, First Community is expected to acquire approximately $23 in loans and assume approximately $27 in deposits as part of the transaction. First Community also expects to eventually consolidate the two Investar locations with its existing branches in Alice and Victoria, Texas.

“We anticipate that this sale of our South Texas branches will allow us to focus more on our core markets,” said Investorar President and CEO John D’Angelo. “Of Investar’s entire branch network, these two locations are the farthest geographically from our Louisiana headquarters. We believe our South Texas customers will be well served by First Community after the sale closes. “

Completion of the branch sale remains subject to regulatory approval and other customary closing conditions contained in the Purchase and Assumption Agreement. The current sale is expected to close in the first quarter of 2023. Customers at these branches will receive additional information in the coming months.

About Investar

Investar Holding Corporation, headquartered in Baton Rouge, Louisiana, provides comprehensive banking services, excluding trust services, through its wholly owned banking subsidiary, Investar Bank, National Association. The Bank currently operates 31 branches serving Louisiana, Texas and Alabama. As of March 31, 2022, the Bank had 336 full-time equivalent employees and total assets of $2.6 billion.

Forward-looking statements

This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions about our business which are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those described in this press release. You should not rely on forward-looking statements to predict future events.

Additional information regarding factors that could cause actual results to differ materially from those discussed in the forward-looking statements is described in the 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 Investor’s website at http://www.InvestarBank.com.

We disclaim any obligation to update any forward-looking statement or any change in events, conditions or circumstances on which any forward-looking statement may be based, except as required by law.

Contact:

Investar Holding Company
Chris Huft
Financial director
(225) 227-2215
[email protected]

THE SOURCE: Invest Holding

07/18/2022 EQS Newswire / EQS Group AG

Andrew B. Reiter