Business
Investar Holding Corporation Announces Completion of Cheaha Financial Group, Inc. Acquisition
BATON ROUGE, La., April 01, 2021 (GLOBE NEWSWIRE) -- Investar Holding Corporation (Nasdaq:ISTR) (the “Company”), the holding company of Investar Bank,
About this update from Investar Holding Corporation
[{"type":"text","content":"BATON ROUGE, La., April 01, 2021 (GLOBE NEWSWIRE) -- 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 it...