ABTX - Allegiance Bancshares CBTX get last of regulatory approvals for their merger
- Allegiance Bancshares ( NASDAQ: ABTX ) and CBTX ( NASDAQ: CBTX ) on Thursday announced the last of regulatory approvals needed to complete their merger.
- ABTX - the holding company of Allegiance Bank - and CBTX - the holding company of CommunityBank of Texas - received regulatory approval from the Board of Governors of the Federal Reserve System, the companies said in a statement .
- This approval follows prior clearances from the Federal Deposit Insurance Corporation, the Texas Department of Banking and the shareholders of both companies.
- "No further regulatory approvals are required to complete the merger of Allegiance and CBTX," the companies said.
- ABTX and CBTX expect to complete the merger on or about Oct. 1, 2022.
- Post deal completion, the combined company will be named Stellar Bancorp and will trade under the ticker symbol "STEL."
- ABTX stock earlier closed +1.5% at $43.50 while CBTX ended +1.5% at $30.74.
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Allegiance Bancshares, CBTX get last of regulatory approvals for their merger