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 delay the offering because of the drop in energy prices.

Allegiance purchased Farmers & Merchants Bancshares last year and it bought Independence Bank in 2013.

“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.

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