HAPPY, Texas (NEWS RELEASE) – The following is a news release from Happy Bank Shares, Inc.:
For the seventh consecutive year, Happy Bankshares, Inc., a Texas corporation and the holding company for Happy State Bank, has raised new capital from the sale of its common stock in a private offering. This year, Happy boasts an impressive capital raise of almost $65 million at $45.50 per share. Happy Bank officials have received regulatory approval to purchase the First State Bank, Mobeetie and have reached an agreement to purchase Lubbock-based Centennial Bank (pending regulatory approval), with branches scattered across the Panhandle as well as the Hill Country of Texas.
“For oh, so many reasons, it is great to be a banker in Texas. Our bank’s diverse geography throughout the state is helping us achieve a very balanced growth and increased profitability,” said J. Pat Hickman, Chairman and CEO of the bank and holding company. “We are blessed with the very unique bank name of ‘Happy’, arguably one of the best known bank names throughout Texas. That name, coupled with our financial performance, has provided an easy story to tell for interested investors.”
Mikel Williamson, bank president, commented, “We are very pleased with this offering – one of the company’s strongest stock offerings to date. The success of this offering can be attributed to the confidence our customers and stockholders have in Happy and our plans for growth. This year’s stock offering brings our seven-year total to over $305 million. This capital won’t sit still long, as we are already putting it to work in significant ways.”
The company conducted the private offering on its own – as it had done in the prior six years. The company did not retain or utilize the services of a placement agent for the offering. Hunton Andrews Kurth LLP served as legal counsel to the company in connection with the offering.
About Happy Bancshares, Inc.
With assets of $3.7 billion, Happy Bankshares, Inc. is the parent holding company of Happy State Bank. The company headquarters is in Amarillo, Texas. HAPPY STATE BANK & TRUST CO. was founded in 1908 in Happy, Texas. A state-chartered community bank, the Happy Bank offers a broad range of financial services and products through its network of 41 locations in 30 communities throughout the Texas Panhandle, South Plains and the Dallas/Fort Worth Metroplex as well as an extensive network of ATMs. Happy State Bank can be found online at happybank.com. Member FDIC. Equal Housing Lender
(News release from Happy Bankshares, Inc.)