TYLER, Texas, Aug. 20, 2021 (GLOBE NEWSWIRE) – Southside Bancshares, Inc., (NASDAQ: SBSI) (the “Company”), the holding company of Southside Bank, announced today that the company has issued a notice of redemption Wilmington Trust, National Association, as trustee (the “Trustee”) to serve each holder of the Company’s outstanding 5.50% fixed-to-floating rate notes maturing in 2026 (the “Bonds”) for a total principal amount of US $ 100 million – Dollars with a redemption date on September 30, 2021 (the “Redemption Date”). The bonds will be redeemed in full at 100% of the nominal amount plus accrued and unpaid interest by the repayment date (exclusively). Interest on the Notes will cease to accrue on and after the Redemption Date.
“Given the current interest rate environment, we have requested repayment of our 5.50% subordinated debt, which will reduce our financing costs and increase profits,” said Lee R. Gibson, chief executive officer of Southside Bancshares, Inc.
The Notes were issued pursuant to the Subordinate Agreement dated September 19, 2016 between the Company and the Trustee and supplemented by the first Supplementary Agreement relating to the Notes dated September 19, 2016 between the Company and the Trustee.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $ 7.18 billion in assets as of June 30, 2021, wholly owned by Southside Bank. Southside Bank currently operates 55 branches and a network of 76 ATMs / ITMs in East Texas, Southeast Texas and the greater Dallas / Fort Worth, Austin and Houston areas. Serving clients since 1960, Southside Bank is a community-based financial institution offering a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, asset management, fiduciary services, brokerage services and a range of online and mobile services.
To learn more about Southside Bancshares, Inc. please visit our Investor Relations website at https://investors.southside.com. Our investor relations page provides a detailed overview of our activities, financial information and historical price data. To receive email notifications of company news, events and stock activity, please register in the Email Notification section of the website. Questions or comments can be directed to Lindsey Bailes at (903) 630-7965 or [email protected]
Certain statements other than historical facts contained in this press release and in other written materials, documents and oral statements made by or on behalf of the company may be deemed “forward-looking statements” within the meaning of and subject to Safe-Harbor – Safeguards under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be taken as a representation of management’s views at a later date. These statements may include words such as “expect”, “estimate”, “project”, “anticipate”, “appear”, “believe”, “could”, “should”, “could”, “could”, “will,” ” would, “” seek, “intend,” “probability,” “risk,” “aim,” “aim,” “aim,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements relating to the Company’s beliefs, plans, expectations, goals, goals, expectations, beliefs, estimates, intentions and future performance and are subject to material known and unknown risks and uncertainties that could cause the Company’s actual results to materialize results may differ from those discussed in the forward-looking statements. For example, discussions about the impact of our expansion, benefits of the share buyback plan, trends in asset quality, capital, liquidity, the company’s ability to sell distressed assets, cost reductions, planned operational efficiencies and returns on growth, and certain disclosures about market risk, including the effects of interest rates, tax reforms, inflation and other economic factors are based on information currently available to management and depend on decisions about key model features and assumptions and are subject to various restrictions. Certain statements on market risk are by their nature only estimates and can differ materially from actual future events. Accordingly, our results could differ materially from those estimated. The most recent factor that could cause future results to differ materially from those anticipated in our forward-looking statements is the negative impact of the COVID-19 pandemic on our business, financial condition, operations and prospects, including our ability to improve our Continuing business activities in certain communities for which we serve, the duration of the pandemic and its ongoing impact on financial markets, a reduction in financial transactions and business activity resulting in lower deposits and lending, increases in the unemployment rate which will affect our ability to do so It will affect borrowers to repay their loans, our ability to manage liquidity in a rapidly changing and unpredictable market, additional interest rate changes by the Federal Reserve, and other government action in response to the pandemic, including regulations or laws were enacted to counter the effects of the COVID-19 pandemic on the economy.
Additional information about the company and its business, including additional factors that could materially affect the company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 under “Part I – Item 1” . Forward-Looking Information ”and in the company’s other filings with the Securities and Exchange Commission. The company disclaims any obligation to update factors or publicly announce the result of revisions to the forward-looking statements contained herein to reflect future events or developments.
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