BATON ROUGE, La.--(EON: Enhanced Online News)--Investar Holding Corporation (the “Holding Company”) announced today that Investar Bank will hold a special meeting of its shareholders on October 31, 2013 to approve an Agreement and Plan of Exchange between Investar Bank and the Holding Company to form a bank holding company and pursuant to which shareholders of Investar Bank will become shareholders of the Holding Company and Investar Bank will become a wholly-owned subsidiary of the Holding Company. The Holding Company and the Bank received the approval of the Board of Governors of the Federal Reserve System on September 5, 2013 for the reorganization into the holding company form of organization. Assuming the shareholders of Investar Bank approve this transaction, the Holding Company intends to proceed with an underwritten initial public offering of approximately $40 million of its common stock, par value $1.00 per share.
The Holding Company has not yet finally determined the aggregate size of the offering, but will do so based on market conditions and other relevant factors at the time of the offering. We currently anticipate that the offering will be completed in 2014; however, there can be no assurance as to whether or when the offering will be completed or as to the size of the offering.
The purpose of the offering is to support the continued growth of Investar Bank.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein. Any offers, solicitations or offers to buy, or any sales of securities, will be made only in accordance with the registration requirements of the Securities Act of 1933, as amended (the “Act”). This announcement is being issued pursuant to and in accordance with Rule 135 under the Act.
Investar Bank, which had total assets of $530 million at June 30, 2013, provides comprehensive products and services for businesses and individuals. It has 10 branches serving 4 markets in southeast Louisiana: the New Orleans area (1 in Metairie) and the northshore of Lake Pontchartrain (2 in Mandeville), the Baton Rouge area (2 branches in Baton Rouge, 1 each in Port Allen and Prairieville), Livingston and Tangipahoa parishes (1 each in Denham Springs and Hammond) and the Lafayette region (1 temporary office in Lafayette, to be replaced by a full-service location in the fall).
All statements in this announcement, other than statements of historical facts, are forward-looking statements. These statements are based on the current beliefs and expectations of management of Investar Bank and are inherently subject to risks and uncertainties including, among other things, the risks and uncertainties of the public capital markets and the shareholders of Investar Bank approving the reorganization described herein and, if such reorganization is approved, the risks and uncertainties that the Holding Company will not complete an offering of securities, will not raise the planned amount of capital even if an offering of securities is completed and will not be able to complete its proposed actions on the timetable indicated herein. The Holding Company assumes no obligation to update these forward-looking statements, and does not intend to do so, unless otherwise required by law.