Dive Brief:
- Denver-based National Bank Holdings said Monday it’s signed an agreement to acquire Dallas-based Vista Bancshares in a stock-and-cash deal valued at $369.1 million.
- Acquiring privately held Vista, which has operations in Dallas-Fort Worth, Austin, Lubbock, Texas, and Palm Beach, Florida, would push NBH to $12.4 billion in assets and $10.4 billion in deposits, according to a news release.
- The deal, expected to close in the first quarter of 2026, awaits approval from Vista’s shareholders and regulators.
Dive Insight:
In acquiring Vista Bank, NBH will add $2.4 billion in assets, $2.1 billion in deposits, $1.9 billion in loans and 11 branches to a footprint that already counts roughly 85 locations across eight states.
NBH Bank plans to keep the Vista brand in Texas “and incorporate across the combined enterprise over time,” according to the release.
The acquisition will strengthen National Bank Holdings’ footprint in the fast-growing Dallas-Fort Worth area, the company’s CEO, Tim Laney, said in the release.
“The combination of our fortress balance sheet and Vista’s exceptional client service enables us to offer differentiated and expanded banking services for clients, enhanced career opportunities for associates, and a strong commitment to making a difference in the communities we serve,” Laney said. “By expanding our footprint in Texas, we strengthen our position as a premier regional bank focused on commercial and business banking.”
After the deal closes, Vista Bank CEO John D. Steinmetz will lead the Texas market, “ensuring continuity while actively pursuing strategic expansion in high growth markets,” according to the release.
Steinmetz will also serve as executive vice chair and executive managing director of strategic initiatives at NBH Bank.
“It’s been our board’s top priority to create best-in-class shareholder value by building the best place to work,” Steinmetz said in the release. “While we may have had multiple opportunities along the way and strongly considered an [initial public offering], after meeting the NBHC team, it became clear to us that NBH Bank is the right partner at the right time.”
Vista shareholders will receive roughly $84.8 million in cash and about 7.4 million shares of NBHC common stock, according to the release. The deal’s value is based on NBHC’s closing share price of $38.47 from Friday.
As recently as May, Vista Bancshares President Dan Sheehan indicated to American Banker that the lender considered itself a bank buyer in Texas, rather than a seller. In April, the bank hired Bob Mahalik, an alum of the Federal Reserve Bank of Dallas, to focus on strategic initiatives and M&A. His experience would offer Vista “a competitive edge as we pursue strategic acquisitions,” Steinmetz said at the time.
The Vista deal is expected to be 17% accretive to National Bank Holdings’ earnings, with a tangible book value earn-back period of about three years.
The combined organization will have “industry-leading technology, and an expanded portfolio of innovative products and services for our valued clients,” Steinmetz said.
Bank merger-and-acquisition activity is expected to continue, with regulators reducing M&A hurdles and smaller banks facing ongoing pressure from technology and compliance costs and succession planning issues. With more than 300 lenders, Texas in particular is poised for more bank consolidation, and it’s been among the most targeted states this year in bank M&A.
Five announcements with Texas ties were made in July alone, according to S&P Global Market Intelligence, including Columbus, Ohio-based Huntington’s proposed purchase of Dallas-based Veritex for $1.9 billion.
Even though it’s a huge state, “you don’t need 300 banks,” Joe Silvia, a Chicago-based partner at law firm Duane Morris, has said.
National Bank Holdings’ branches are spread across Colorado (where its bank brand name is Community Banks of Colorado), the Kansas City area (where it’s known as Bank Midwest), Utah, Texas, New Mexico and Idaho (known as Hillcrest Bank), and Wyoming (known as Bank of Jackson Hole).
