Investar to acquire Wichita Falls Bancshares for $83.6M; raises $32.5M in preferred stock offering

Investar Holding Corp

Merger consideration: $7.2M cash + 3,955,344 shares of ISTR common; total ~$83.6M at $19.32 close.
Private placement of 32,500 shares of 6.5% Series A Preferred Stock at $1,000/share; gross proceeds $32.5M.
Deal expected to close Q4 2025; requires shareholder and regulatory approvals. Termination fee of $3.3M payable by WFB.
Preferred stock pays 6.5% annual dividend, convertible to common at 47.619 shares per preferred share; redeemable after July 1, 2030.
Net proceeds ~$30.4M to fund acquisition and general corporate; preferred stock qualifies as additional Tier 1 capital.

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