Southside Bancshares, Inc. (NasdaqGS:SBSI) is looking for acquisitions. Lee Gibson, President, Chief Executive Officer of company, "During the fourth quarter, we successfully issued a $100 million sub debt offering. This low-cost capital provides further optionality to grow through acquisitions or organically. We believe during the next few years, bank consolidation in Texas will accelerate. As a result, utilizing the strength of our balance sheet, liquidity and capital position, we believe we are well positioned to actively pursue attractive bank acquisitions, while at the same time, organically growing and expanding our Texas franchise in the coming years". He further added, "On the acquisition front, we're hearing from a number of parties that there's going to be increased interest by sellers. I think the new administration and potential additional regulation, the opportunity to adopt CECL in a couple of years. And a few things like that, combined with some of the aging boards and ownership groups among the large number of private banks in the state of Texas are all going to act to basically produce more acquisition opportunities".
Southside Bancshares, Inc. is a bank holding company for Southside Bank. The Company operates through approximately 55 branches, 13 of which are located in grocery stores, in addition to wealth management and trust services, and/or loan production, brokerage or other financial services offices. It is a community-focused financial institution that offers a full range of financial services to individuals, businesses, municipal entities and nonprofit organizations in the communities that it serves. Its consumer loan services include 1-4 family residential loans, home equity loans, home improvement loans, automobile loans and other consumer related loans. Its commercial loan services include commercial real estate loans and municipal loans. The Company's trust and wealth management services include investment management, administration of irrevocable, revocable and testamentary trusts, and custodian services, primarily for individuals and, to a lesser extent, partnerships and corporations.