Texas United Bancshares, Inc. Announces Pricing and Sale of Common Stock
August 09 2004 - 8:30PM
PR Newswire (US)
Texas United Bancshares, Inc. Announces Pricing and Sale of Common
Stock LA GRANGE, Texas, Aug. 9 /PRNewswire-FirstCall/ -- Texas
United Bancshares, Inc. (NASDAQ:TXUI) (TXUI) announced the sale by
the Company of 2,000,000 shares of its common stock at $17.00 per
share in a firm commitment underwritten offering lead managed by
Stifel, Nicolaus & Company, Incorporated and co-managed by
Hoefer & Arnett, Incorporated. The underwriters have a 30-day
option to purchase up to an additional 300,000 shares of common
stock from the Company solely to cover over-allotments. The
offering was priced on August 5, 2004 and is expected to close on
August 10, 2004. The Company intends to use the proceeds of the
offering to fund the cash portion of the merger consideration in
connection with the acquisition of GNB Bancshares, Inc., to reduce
debt and for other general corporate purposes. This press release
is not an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of these securities, in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offer,
solicitation or sale will be made only by means of the final
prospectus. Copies of the prospectus may be obtained by contacting:
Stifel, Nicolaus & Company, Incorporated. One Financial Plaza,
501 N. Broadway, 9th Floor, St. Louis, MO 63102 Attention Syndicate
Department. Texas United Bancshares, Inc. is a registered financial
holding company listed on the Nasdaq National Market under the
symbol "TXUI". Its wholly owned subsidiary, State Bank, offers a
complete range of banking services through 20 full service banking
centers located in the greater central and south central Texas
area. In addition, State Bank has eight mortgage loan production
offices located in Houston and San Antonio through its wholly-owned
subsidiary Community Home Loan. In connection with the proposed
merger of GNB Bancshares, Inc. ("GNB") into Texas United, Texas
United has filed with the Securities and Exchange Commission a
registration statement on Form S-4 to register the shares of Texas
United's common stock to be issued to the shareholders of GNB. The
registration statement includes a joint proxy statement/prospectus,
which will be sent to the shareholders of GNB and the shareholders
of Texas United seeking their approval of the proposed transaction.
WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION
STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS
INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY
OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED TRANSACTION,
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT TEXAS UNITED, GNB
AND THE PROPOSED TRANSACTION. Investors and security holders may
obtain free copies of these documents through the website
maintained by the Securities and Exchange Commission at
http://www.sec.gov/ . Free copies of the joint proxy
statement/prospectus may also be obtained by directing a request by
telephone or mail to Texas United Bancshares, Inc., 202 West
Colorado St., La Grange, Texas 78945, Attn: Investor Relations.
Texas United's telephone number is (979) 968-8451. The directors,
executive officers, and certain other members of management of
Texas United and GNB may be soliciting proxies in favor of the
merger from the companies' respective shareholders. For information
about these directors, executive officers, and members of
management, shareholders are asked to refer to the Registration
Statement on Form S-4 and the most recent proxy statement issued by
Texas United, which are available at the addresses provided in the
preceding paragraph. DATASOURCE: Texas United Bancshares, Inc.
CONTACT: Tom Adams of Texas United Bancshares, Inc.,
+1-979-968-7261
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