Southside Bancshares Inc. in Tyler said Tuesday that it has closed the sale of $22.5 million of trust-preferred securities to fund its deal to acquire Fort Worth Bancshares Inc.
The $36.5 million cash deal for Fort Worth, announced in May and expected to close this quarter, is meant to help the $1.8 billion-asset Southside expand in Fort Worth, Arlington, and Austin.
Fort Worth National Bank, the $126 million-asset subsidiary of Fort Worth Bancshares, would retain its name.
The securities were sold under a newly formed Delaware statutory trust called Southside Statutory Trust IV.
