Southside Bancshares (SBSI) in Tyler, Texas, has returned to acquisitions by agreeing to buy a bank that had long been rumored to be exploring its options.

Southside on Tuesday agreed to buy OmniAmerican Bancorp (OABC) for $307 million in cash and stock in a deal executives at both companies call a negotiated transaction. It is the first deal for the $3.4 billion-asset Southside since it completed a small acquisition in 2007.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.