Southside Bancshares in Tyler, Texas, said that Sam Dawson, its chief executive since 2012, will retire at the end of the year and that its president, Lee Gibson, will succeed him.
Dawson, 68, has been with the holding company of Southside Bank for nearly 42 years and is only the second CEO in its 56-year history. Gibson, 59, has been with the bank since 1984. He has been the company's president since mid-December and was its chief financial officer from 2000 to April of this year. Julie Shamburger, who has been with the company since 1982, is now its CFO.
"Lee and I have worked closely together for many years and there is no one more qualified to lead Southside," Dawson said in a filing with the Securities and Exchange Commission.
Gibson will retain the title of president.
Southside's assets have grown from $3.2 billion to $5 billion during Dawson's tenure as CEO, according to data from the Federal Deposit Insurance Corp. In 2014, Southside purchased OmniAmerican in Texas for $314 million. It was one of the biggest M&A deals in the industry that year.
Southside has 54 branches throughout Texas, including in Austin, Dallas-Fort Worth and East Texas.