Texas United Bancshares (NASDAQ:TXUI)
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Texas United Bancshares, Inc. Announces Pricing and Sale of
Common Stock
LA GRANGE, Texas, Aug. 9 /PRNewswire-FirstCall/ -- Texas United Bancshares,
Inc. (NASDAQ:TXUI) (TXUI) announced the sale by the Company of 2,000,000 shares
of its common stock at $17.00 per share in a firm commitment underwritten
offering lead managed by Stifel, Nicolaus & Company, Incorporated and
co-managed by Hoefer & Arnett, Incorporated. The underwriters have a 30-day
option to purchase up to an additional 300,000 shares of common stock from the
Company solely to cover over-allotments. The offering was priced on August 5,
2004 and is expected to close on August 10, 2004. The Company intends to use
the proceeds of the offering to fund the cash portion of the merger
consideration in connection with the acquisition of GNB Bancshares, Inc., to
reduce debt and for other general corporate purposes.
This press release is not an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities, in any state or
jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state or jurisdiction. Any offer, solicitation or sale will be made only by
means of the final prospectus. Copies of the prospectus may be obtained by
contacting: Stifel, Nicolaus & Company, Incorporated. One Financial Plaza, 501
N. Broadway, 9th Floor, St. Louis, MO 63102 Attention Syndicate Department.
Texas United Bancshares, Inc. is a registered financial holding company listed
on the Nasdaq National Market under the symbol "TXUI". Its wholly owned
subsidiary, State Bank, offers a complete range of banking services through 20
full service banking centers located in the greater central and south central
Texas area. In addition, State Bank has eight mortgage loan production offices
located in Houston and San Antonio through its wholly-owned subsidiary
Community Home Loan.
In connection with the proposed merger of GNB Bancshares, Inc. ("GNB") into
Texas United, Texas United has filed with the Securities and Exchange
Commission a registration statement on Form S-4 to register the shares of Texas
United's common stock to be issued to the shareholders of GNB. The
registration statement includes a joint proxy statement/prospectus, which will
be sent to the shareholders of GNB and the shareholders of Texas United seeking
their approval of the proposed transaction.
WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON
FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE
REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED
TRANSACTION, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT TEXAS UNITED, GNB
AND THE PROPOSED TRANSACTION.
Investors and security holders may obtain free copies of these documents
through the website maintained by the Securities and Exchange Commission at
http://www.sec.gov/ . Free copies of the joint proxy statement/prospectus may
also be obtained by directing a request by telephone or mail to Texas United
Bancshares, Inc., 202 West Colorado St., La Grange, Texas 78945, Attn: Investor
Relations. Texas United's telephone number is (979) 968-8451.
The directors, executive officers, and certain other members of management of
Texas United and GNB may be soliciting proxies in favor of the merger from the
companies' respective shareholders. For information about these directors,
executive officers, and members of management, shareholders are asked to refer
to the Registration Statement on Form S-4 and the most recent proxy statement
issued by Texas United, which are available at the addresses provided in the
preceding paragraph.
DATASOURCE: Texas United Bancshares, Inc.
CONTACT: Tom Adams of Texas United Bancshares, Inc., +1-979-968-7261