Investar Holding Corporation Announces Completion of Wichita Falls Bancshares, Inc. Acquisition

Investar Holding Corporation (Nasdaq: ISTR) completed its acquisition of Wichita Falls Bancshares, the holding company for First National Bank, effective January 1, 2026.

Rhea-AI Summary

Investar Holding Corporation (Nasdaq: ISTR) completed its acquisition of Wichita Falls Bancshares, the holding company for First National Bank, effective January 1, 2026. Consideration was $7.2 million cash plus 3,955,334 shares of Investar common stock, for an aggregate transaction value of approximately $112.9 million based on the December 31, 2025 closing share price of $26.72. At closing, First National Bank reported $1.2 billion in total assets, $1.0 billion in net loans, and $1.0 billion in total deposits. Two former Wichita Falls directors, David Flack and James Dunkerley, joined the Company and Bank boards. Janney Montgomery Scott and Olsen Palmer served as financial advisors; Fenimore Kay Harrison and Bradley Arant served as legal counsel.

Positive

• Transaction adds $1.2 billion in total assets
• Adds $1.0 billion in net loans to Investar
• Adds $1.0 billion in total deposits
• Transaction value of approximately $112.9 million
• Board strengthened with two regional directors appointed

Negative

• Issued 3,955,334 shares as merger consideration
• Paid $7.2 million in cash as part of the deal

Argus Jan 2 session

-1.91% close to close Open Argus

Details

News Market Reaction – ISTR

On Jan 2, the day this news came out, ISTR closed 1.91% below the previous close.

Data tracked by StockTitan Argus for the Jan 2 session.

Key Figures

Cash consideration: $7.2 million Stock consideration: 3,955,334 shares Transaction value: $112.9 million +5 more

Cash consideration

$7.2 million

Cash portion of merger consideration for Wichita Falls common stock

Stock consideration

3,955,334 shares

Shares of Investar common stock issued as merger consideration

Transaction value

$112.9 million

Aggregate value based on <b>$26.72</b> closing price on Dec 31, 2025

FNB total assets

$1.2 billion

First National Bank assets at December 31, 2025

FNB net loans

$1.0 billion

First National Bank net loans at December 31, 2025

FNB total deposits

$1.0 billion

First National Bank total deposits at December 31, 2025

Reference share price

$26.72

Investar closing price on December 31, 2025 used to value transaction

Current price

$26.72

Pre-news price vs 52-week range $15.39–$27.95

Historical Context

5 past events · Latest: Dec 17

5 events

1. Dec 17

   Dividend declaration

   24h Move

   +0.6%

   Declared quarterly common and preferred dividends with long payment track record.

2. Oct 30

   Acquisition approvals

   24h Move

   -1.5%

   Shareholder and regulatory approvals for Wichita Falls acquisition.

3. Oct 20

   Q3 results update

   24h Move

   +5.1%

   Q3 2025 earnings and progress update on Wichita Falls transaction.

4. Sep 17

   Dividend declaration

   24h Move

   +4.4%

   Announced 48th consecutive quarterly common dividend and preferred dividend.

5. Jul 21

   Earnings & acquisition

   24h Move

   +1.1%

   Q2 2025 results plus announcement of Wichita Falls merger and capital raise.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

agreement and plan of merger, merger consideration, net loans

3 terms

agreement and plan of merger regulatory

"An Agreement and Plan of Merger relating to the acquisition was previously announced"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

merger consideration financial

"shares of Wichita Falls common stock were converted into aggregate merger consideration"

Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.

net loans financial

"At December 31, 2025, FNB had $1.2 billion in total assets, $1.0 billion in net loans"

Net loans are a lender’s total loans outstanding after subtracting the reserves set aside for expected losses and other small adjustments, showing the amount the bank realistically expects to collect. For investors, net loans give a clearer picture of a lender’s asset size and credit risk—like the weight of fruit in a basket after removing the bruised pieces—so it influences reported earnings, capital ratios, and risk assessment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BATON ROUGE, LA / ACCESS Newswire / January 2, 2026 / Investar Holding Corporation (the "Company") (Nasdaq:ISTR), the holding company of Investar Bank, National Association (the "Bank"), today announced the completion of its acquisition of Wichita Falls Bancshares, Inc. ("Wichita Falls"), the holding company for First National Bank ("FNB") headquartered in Wichita Falls, Texas. An Agreement and Plan of Merger relating to the acquisition was previously announced in July 2025.

The acquisition became effective as of January 1, 2026. All of the issued and outstanding shares of Wichita Falls common stock were converted into aggregate merger consideration consisting of $7.2 million in cash and 3,955,334 shares of Company common stock for an aggregate transaction value of approximately $112.9 million. This value is based on the Company's closing stock price on December 31, 2025 of $26.72 per common share. Additionally, David Flack and James Dunkerley, two former directors of Wichita Falls and FNB, were appointed to the Board of Directors of the Company and the Bank upon completion of the acquisition.

John D'Angelo, President and Chief Executive Officer, commented, "Investar is excited to expand our footprint into the north Dallas and Wichita Falls markets through the acquisition of First National Bank. This transaction represents the continued execution of our multi-state expansion strategy combining two community banks with a history of service, an alignment of culture, and a common commitment to enhancing shareholder value. We are excited about this partnership and look forward to welcoming First National Bank's customers, shareholders and employees to the Investar family.

Additionally, we are pleased to welcome Dave Flack and Jim Dunkerley to the Board of Directors. We are confident their extensive experience and strong relationships in the north Dallas and Wichita Falls markets will strengthen the quality of our board and add value to our organization."

At December 31, 2025, FNB had $1.2 billion in total assets, $1.0 billion in net loans and $1.0 billion in total deposits.

Janney Montgomery Scott LLC acted as financial advisor, and Fenimore Kay Harrison LLP served as legal counsel, to the Company on the merger transaction. Bradley Arant Boult Cummings LLP served as legal counsel, and Olsen Palmer LLC served as financial advisor, to Wichita Falls.

About Investar Holding Corporation

Investar Holding Corporation, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association. The Bank currently operates 29 branch locations serving Louisiana, Texas, and Alabama. At September 30, 2025, the Bank had 326 full-time equivalent employees and total assets of $2.8 billion.

Forward-Looking Statements

This press release may include forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and assumptions about our business that are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from those described in this press release. You should not rely on forward-looking statements as a prediction of future events. Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which are available on the Investar website at www.investarbank.com.

We disclaim any obligation to update any forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based except as required by law.

Contact:

Investar Holding Corporation
John R. Campbell
Executive Vice President and Chief Financial Officer
(225) 227-2215
John.Campbell@investarbank.com

SOURCE: Investar Holding Corporation

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When did Investar (ISTR) complete the Wichita Falls Bancshares acquisition?

The acquisition became effective on January 1, 2026.

What was the total transaction value for Investar's purchase of Wichita Falls (ISTR)?

The aggregate transaction value was approximately $112.9 million based on the $26.72 closing share price on December 31, 2025.

How was the Wichita Falls acquisition paid for by Investar (ISTR)?

Consideration consisted of $7.2 million in cash plus 3,955,334 shares of Investar common stock.

What assets and deposits did First National Bank add to Investar (ISTR)?

At December 31, 2025, First National Bank had $1.2 billion in assets, $1.0 billion in net loans, and $1.0 billion in total deposits.

Did Investar (ISTR) add any board members after the Wichita Falls acquisition?

Yes. David Flack and James Dunkerley, former Wichita Falls directors, were appointed to the Company and Bank boards.

Who advised Investar (ISTR) on the Wichita Falls merger?

Janney Montgomery Scott served as financial advisor and Fenimore Kay Harrison served as legal counsel to Investar.