---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-091291"
form_type: "8-K"
ticker: "NBHC"
cik: "0001475841"
company_name: "National Bank Holdings Corp"
filed_at: "2025-09-18T23:59:59+00:00"
generated_at: "2026-05-17T06:14:19.256303+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# NBHC to acquire Vista Bancshares: $31.62 cash + 3.1161 NBHC shares per share

## Summary
- Consideration per Vista share: $31.62 cash plus 3.1161 NBHC shares; exchange ratio adjustable if NYSE vote required.
- Deal expected to close no earlier than January 2, 2026, subject to regulatory approvals and other conditions.
- Tangible common equity adjustment: minimum tangible equity target of $246.7M (increasing $2.8M/month after Jan 2, 2026) drives cash escrow.
- All Vista stock options and restricted stock awards will be converted into cash and/or NBHC shares at closing.
- Merger agreement unanimously approved by both boards; includes customary representations, warranties, and conditions.

## SEC filing metadata
- accession: 0001104659-25-091291
- form_type: 8-K
- ticker: NBHC
- cik: 0001475841
- company_name: National Bank Holdings Corp
- filed_at: 2025-09-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1475841/000110465925091291/0001104659-25-091291-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1475841/000110465925091291/tm2526246d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-091291
- JSON: https://secwatch.observer/filing/0001104659-25-091291.json
- Plain text: https://secwatch.observer/filing/0001104659-25-091291.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.