December 24, 2019 — Investar Holding Corporation (NASDAQ:ISTR), the holding company for Investar Bank, National Association, has announced an agreement to acquire Cheaha Financial Group, Inc., and its wholly-owned subsidiary, Cheaha Bank.
Under terms of the agreement, shareholders of Oxford, Alabama-based Cheaha Financial Group (Cheaha), will receive $80.00 in cash for each share of Cheaha common stock for an aggregate value of approximately $41.1 million.
As of September 30, 2019, Cheaha Bank had approximately $206.7 million in assets, $117.2 million in net loans, $177.1 million in deposits and $27.5 million in stockholder’s equity. Cheaha Bank operates four branches in Calhoun County, Alabama.
“We are extremely excited to join forces with Cheaha to continue to provide its customers and community with exemplary service,” said John D’Angelo, President and Chief Executive Officer of Investar. “The leadership team at Cheaha has done an extraordinary job operating the bank, and we are confident that they will make a great addition to the Investar family. This merger significantly enhances our presence along the I-20 corridor in Alabama and complements our recent acquisition of Bank of York.”
The transaction is expected to close in the second quarter of 2020.
More information is available here.
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