Friday, Mar 15, 2013
FOR IMMEDIATE RELEASE
Jackson Walker Represents ST Financial Group in Strategic Acquisition, Stock Offering
Jackson Walker L.L.P. successfully represented its client, ST Financial Group, Inc., in two recent transactions designed to achieve the client's strategic objectives.
In the first, ST Financial reached an agreement to acquire People's Bank in Colleyville. People's Bank will be merged into ST Financial's subsidiary, Spirit of Texas Bank SSB, in a deal expected to close in the second quarter. People's Bank has $72.5 million in assets and branches in Colleyville and Grapevine, Texas. Based in College Station, Spirit of Texas has $462.9 million in assets and has eight branches in the Houston area, as well as loan production offices in the Dallas–Fort Worth area.
Jackson Walker also represented ST Financial in a private stock offering that raised over $22 million. Proceeds from the offering, which expired on Feb. 28 and closed on March 7, will be used to fund acquisitions and other growth opportunities for the bank. Commerce Street Capital served as the exclusive placement agent for ST Financial in the offering.
Jackson Walker partner Jim Pledger represented ST Financial in the transactions. Mr. Pledger is a member of the firm's Corporate & Securities and Finance practices and has extensive experience representing financial institutions in a broad range of transactions.
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