This transaction is one of those rare opportunities to create value for everyone involved.
DALLAS (PRWEB) October 15, 2013
Triumph Bancorp, Inc., parent of Triumph Savings Bank, SSB, headquartered in Dallas, Texas, today announced the completion of its previously announced acquisition of National Bancshares, Inc., parent of THE National Bank, headquartered in Bettendorf, Iowa.
National Bancshares, Inc. has an established history of serving its communities for over 12 years. As of September 2013, National Bancshares, Inc. had approximately $900 million in assets. Its community banking subsidiary, THE National Bank, member FDIC and Equal Housing Lender, offers personal checking accounts, savings accounts, CDs, money market, HSA, IRA, NOW and business accounts, as well as consumer, commercial and mortgage loans from 19 branches and 3 loan production offices located throughout Iowa, Illinois and Wisconsin.
“We are excited to welcome the customers, employees, and shareholders of National Bancshares to the Triumph group of companies,” said Aaron P. Graft, President and CEO of Triumph Bancorp, Inc. “This transaction is one of those rare opportunities to create value for everyone involved. For Triumph, we are acquiring an established, full service institution with a solid deposit franchise. For THE National Bank, it is gaining financial strength and access to the diverse lending opportunities within Triumph’s platform. The combination of these attributes, as well as the strength of the combined balance sheet, creates a unique financial enterprise that is well positioned for success in the future.”
John D. DeDoncker, President and CEO of THE National Bank commented, “We are pleased about the opportunity to combine resources with Triumph Bancorp, Inc. Through this acquisition, we believe we have enhanced the banking experience for our customers with the addition of various financial opportunities. We will continue to serve our customers and community well as we go forward as a member of the Triumph Bancorp group of companies.”
Following this acquisition, Triumph Bancorp, Inc. will have approximately $1.2 billion in total assets and $150 million in total equity capital.
Triumph Bancorp, Inc. was advised in this transaction by Commerce Street Capital, LLC as financial advisor. Hunton & Williams, LLP and Beard, Kultgen, Brophy, Bostwick, Dickson & Squires, LLP served as Triumph’s legal counsel. Sandler O'Neill + Partners L.P. acted as financial advisor and rendered a fairness opinion to the Board of Directors of National Bancshares, Inc. in connection with this transaction. Lane & Waterman LLP acted as legal counsel to National Bancshares, Inc.
About Triumph Bancorp, Inc.
Triumph Bancorp, Inc., based in Dallas, Texas, is a financial holding company with interests in wholesale banking, commercial finance and investment management. In November 2010, Triumph Bancorp, Inc. acquired and recapitalized its subsidiary bank, Triumph Savings Bank, SSB, which was then known as Equity Bank, SSB. Triumph brings creativity, diligence and innovation to all of our investments. Members of the Triumph Bancorp, Inc. group include Triumph Savings Bank, SSB, Triumph Commercial Finance, LLC, Triumph Capital Advisors, LLC, Triumph CRA Holdings, LLC and Advance Business Capital LLC.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Triumph Bancorp's or National Bancshares’s actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and neither Triumph Bancorp nor National Bancshares assumes any duty to update forward looking statements. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Triumph Bancorp and National Bancshares, including future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: (i) the possibility that the merger does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; (ii) the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which National Bancshares operates; (iii) the ability to promptly and effectively integrate the businesses of Triumph Bancorp and National Bancshares; (iv) the reaction of the companies' customers, employees and counterparties to the transaction; and (v) diversion of management time on merger-related issues.