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Investors have been waiting for George Martinez to take Allegiance Bancshares public, and 2015 was expected to be the year. But a slide in oil prices might complicate the prospects. Still, with an acquisition to integrate and a team that produces 20% annual loan growth, he is looking forward to the coming year.
December 30 -
Executives at Allegiance Bancshares have long been vocal about their desire to take the Houston company public. The company recently agreed to buy Farmers & Merchants Bancshares, giving it one more opportunity to boost its profile before taking the plunge.
August 8 -
Determined to stay independent, Allegiance Bancshares is looking for more deals like its recent one with Independence Bank so it can get big enough to go public. Other Texas banks could be attracted by the chance to join a soon-to-be public company.
August 12
Allegiance Bancshares expects to raise about $54.6 million in its initial public offering, as the Houston company priced the offering more than two years after expressing interest in going public.
The $1.9 billion-asset company began issuing 2.6 million shares at a price of $21 per share on Oct. 8, for approximate gross proceeds of $54.6 million. The company’s stock was trading at $23.12 near the close of the market Thursday.
Allegiance had been expected to hold an IPO this year, although analysts had speculated the company might
Allegiance purchased
“We have to swallow this bite first, but we will always have going public as a goal,” George Martinez, chief executive, told American Banker following the Farmers & Merchants deal last year.
Robert W. Baird and Stephens Inc. were joint bookrunners on the offering. Keefe, Bruyette & Woods and Sandler O’Neill were co-managers. Bracewell & Giuliani was legal counsel.
