Southside Sharehloders Approve Share Issuance To OmniAmerican Shareholders

(RTTNews) - Texas-based Southside Bancshares, Inc. (SBSI) Wednesday said its shareholders approved the issuance of its shares to OmniAmerican Bancorp, Inc.(OABC) shareholders, relating to its merger proposals with OmniAmerican.

As per this proposal, OmniAmerican will first acquire Southside's subsidiary Omega Merger Sub, Inc., under its name. Subsequently, Southside will acquire OmniAmerican with Southside as the surviving company.

Southside also got approval for compensations that it may pay to specific executives of OmniAmerican.

After closing of the first merger, OmniAmerican shareholders will receive 0.4459 of a share in Southside stock and $13.125 in cash for every outstanding share held in OmniAmerican.

Southside said the combined company, post merger, will have approximately $5 billion in assets. The company expects the transaction to close during the fourth quarter of 2014.