PLANO, Texas, April 2, 2012 /PRNewswire/ -- ViewPoint Financial Group, Inc. (NASDAQ: VPFG), parent company of ViewPoint Bank, N.A., today announced the completion of its acquisition of Highlands Bancshares, Inc., parent company of The First National Bank of Jacksboro, which operated in Dallas under the name Highlands Bank.
Under the terms of the all-stock transaction, each outstanding share of Highlands common stock was exchanged for 0.6636 shares of ViewPoint stock.
In addition, Highlands President and CEO Kevin Hanigan joined ViewPoint as president and chief executive officer as part of the agreement. He will also be a member of the ViewPoint Board of Directors, along with former Highlands' board member Bruce Hunt.
ViewPoint Chairman James McCarley said, "We are very pleased with the completion of this strategic in-market acquisition and Mr. Hanigan's appointment. We view this as a tremendous step in our growth in the North Texas community. And of course we're looking forward to Mr. Hanigan's leadership. His 30 plus years of corporate and retail banking experience will be invaluable to the Company's continuing growth.""ViewPoint Bank is a terrific fit for both the Highlands franchise and myself," said Hanigan. "We're going to take the best aspects of both organizations and expand on them. Highlands' commercial banking strengths will complement ViewPoint Bank's robust lending platforms, including commercial real estate, warehouse, consumer and single-family mortgage. With ViewPoint's solid retail branch presence and both banks' spirit of community and commitment to customer service, the combined bank will be a benefit to consumers, shareholders, businesses and our North Texas communities." The combined organization has approximately $3.7 billion in assets, $2.3 billion in deposits, $2.3 billion in loans and 31 banking offices serving business and consumer households in 17 North Texas cities. There are no anticipated branch closures, as the companies' locations do not overlap. While the merger was effective today, the four Highlands Bank locations in Dallas aren't expected to adopt the ViewPoint Bank name until late July, when Highlands accounts will be converted to ViewPoint Bank accounts and computer systems. Accounts at First National Bank of Jacksboro and its sister location in Runaway Bay will also convert at that time, although the bank will keep the First National Bank moniker—the name it's had for 122 years. After the system conversion, customers of both institutions will be able to conduct business at any of the "new" ViewPoint Bank locations and at the First National Bank locations.