DALLAS--(BUSINESS WIRE)--
Dallas-based Hilltop Holdings Inc. (NYSE: HTH), the holding company for
PlainsCapital Bank, and Houston-based The Bank of River Oaks today
jointly announced the receipt of approval from federal regulators to
proceed with Hilltop’s $85 million, all-cash acquisition of The Bank of
River Oaks.
The acquisition was approved by The Bank of River Oaks shareholders on
May 10, 2018, and the companies expect it to close on or about August 1,
2018. Once completed, The Bank of River Oaks will be merged into
PlainsCapital Bank with all customer accounts expected to be converted
to the PlainsCapital platform by the end of the year.
About Hilltop Holdings Inc.
Hilltop Holdings is a Dallas-based financial holding company. Its
primary line of business is to provide business and consumer banking
services from offices located throughout Texas through PlainsCapital
Bank. PlainsCapital Bank’s wholly owned subsidiary, PrimeLending,
provides residential mortgage lending throughout the United States.
Hilltop Holdings’ broker-dealer subsidiaries, Hilltop Securities Inc.
and Hilltop Securities Independent Network Inc., provide a full
complement of securities brokerage, institutional and investment banking
services in addition to clearing services and retail financial advisory.
Through Hilltop Holdings’ other wholly owned subsidiary, National Lloyds
Corporation, it provides property and casualty insurance through two
insurance companies, National Lloyds Insurance Company and American
Summit Insurance Company. At June 30, 2018, Hilltop employed
approximately 5,400 people and operated approximately 475 locations in
45 states. Hilltop Holdings' common stock is listed on the New York
Stock Exchange under the symbol "HTH." Find more information at Hilltop-Holdings.com,
PlainsCapital.com,
PrimeLending.com,
NationalLloydsInsurance.com
and HilltopSecurities.com.
FORWARD-LOOKING STATEMENTS
This press release contains 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 that may cause our actual results,
performance or achievements to be materially different from any future
results, performance or achievements anticipated in such statements.
Forward-looking statements speak only as of the date they are made and,
except as required by law, we do not assume any duty to update
forward-looking statements. Such forward-looking statements include, but
are not limited to, statements concerning such things as our plans,
objectives, strategies, expectations and intentions and other statements
that are not statements of historical fact, and may be identified by
words such as “anticipates,” “believes,” “could,” “estimates,”
“expects,” “forecasts,” “goal,” “intends,” “may,” “might,” “plan,”
“probable,” “projects,” “seeks,” “should,” “target,” “view” or “would”
or the negative of these words and phrases or similar words or phrases.
Factors that could cause our actual results to differ materially from
those described in the forward-looking statements include, among others:
(i) the possibility that any of the anticipated benefits of the proposed
transaction will not be realized or will not be realized within the
expected time period; (ii) the risk that integration of the operations
of The Bank of River Oaks will be materially delayed or will be more
costly or difficult than expected; (iii) the failure of the proposed
transaction to close on the expected timeline or at all; (iv) the effect
of the announcement of the transaction on customer relationships and
operating results; (v) ability to meet the remaining closing conditions
to the mergers; and (vi) the possibility that the transaction may be
more expensive to complete than anticipated, including as a result of
unexpected factors or events. For a discussion of additional factors
that could cause our actual results to differ materially from those
described in the forward-looking statements, please see the risk factors
discussed in our most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q and other reports that are filed with the
Securities and Exchange Commission. All forward-looking statements are
qualified in their entirety by this cautionary statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180717005941/en/
Hilltop Holdings Inc.
Media Contact:
Ben Brooks,
214-252-4047
ben.brooks@hilltop-holdings.com
or
Investor
Relations Contact:
Isabell Novakov, 214-252-4029
inovakov@hilltop-holdings.com
Source: Hilltop Holdings Inc.