Stinson Represents Texas-Based Panola National Bank in Acquisition
On December 17, 2020, Panola National Bancshares, Inc., and its wholly-owned subsidiary, Panola National Bank, Carthage, Texas, entered into a definitive agreement concerning Panola’s acquisition by VeraBank, Inc., and its wholly-owned subsidiary, VeraBank, National Association, Henderson, Texas.
Dallas Partner Robert Flowers recently represented Panola on the transaction. Panola National Bank reported assets of $125.3 million to S&P Global Market Intelligence as of September 30, 2020, while VeraBank reported $2.89 billion in assets as of the same date. The transaction is subject to the approval of Panola’s shareholders and regulatory approval, and is expected to close in the first quarter of 2021.