Southside Bancshares Moves to the New York Stock Exchange
Southside Bancshares, Inc. (NASDAQ: SBSI), the parent organization of Southside Bank, has made a significant announcement regarding the transfer of its common stock listing from the Nasdaq Global Select Market to the prestigious New York Stock Exchange (NYSE). This strategic move is set to elevate Southside's visibility and access to a broader investor audience.
Key Details of the Listing Transfer
The transition is expected to take effect on a specific date, with Southside's common stock commencing trading on the NYSE under the existing ticker symbol "SBSI." During this transition phase, the stock will continue to be available for trading on Nasdaq until the close of business on the final day before the change.
CEO's Perspective on the Transition
Lee R. Gibson, the Chief Executive Officer of Southside Bancshares, expressed enthusiasm about this significant milestone. He highlighted the company's growth trajectory and the advantages of joining the NYSE, stating, "We are excited to announce the transfer of Southside’s stock listing to the NYSE. Our Texas-based franchise markets include some of the strongest and fastest growing markets in the country." Gibson emphasized the potential benefits of leveraging the NYSE platform to enhance shareholder value.
Southside Bancshares: A Snapshot of Growth
Since going public on Nasdaq in 1998, Southside Bancshares has consistently demonstrated impressive growth. The company surpassed the $1 billion asset mark in 2000 and, as of the end of the recent financial year, has grown to nearly $8.5 billion in assets. What began as a single branch operation in Tyler, Texas has expanded to over 55 locations, which include 53 branches and two loan offices across various regions of Texas.
NYSE's Welcome to Southside Bancshares
The NYSE has warmly welcomed Southside Bancshares to its community. Chris Taylor, the Global Head of Listings at the NYSE, commented on the bank's historical significance and ongoing commitment to supporting local economies. Taylor remarked, "With its deep roots in Texas and history of supporting local economies, Southside is a welcome addition." This relationship highlights the NYSE's dedication to fostering businesses that contribute meaningfully to their local communities.
About Southside Bancshares, Inc.
Southside Bancshares stands as a robust bank holding company based in Tyler, Texas, boasting approximately $8.36 billion in assets. Through its wholly-owned subsidiary, Southside Bank, the company operates 53 branches, two loan production offices, and maintains a network of 72 ATMs and ITMs across Texas. Since its founding in 1960, Southside Bank has prioritized community involvement while offering a comprehensive array of financial products and services to individuals and businesses. These offerings range from consumer and commercial loans to mortgages, deposit accounts, and wealth management services.
Contact Information
If you have any inquiries or require further information about Southside Bancshares, please reach out to Julie Shamburger, Chief Financial Officer, at 903-531-7134.
Frequently Asked Questions
What is the current ticker symbol for Southside Bancshares?
Southside Bancshares will continue to use the ticker symbol "SBSI" following its move to the NYSE.
When will Southside's common stock start trading on the NYSE?
The common stock is expected to begin trading on the NYSE on a specified date, transitioning from Nasdaq.
What does the NYSE listing mean for Southside Bancshares?
This listing provides Southside Bancshares with increased visibility and the potential for greater investor interest, which may benefit shareholders.
How many branches does Southside Bank operate?
Southside Bank operates 53 branches and two loan offices throughout Texas.
Who can I contact for more information about Southside Bancshares?
For further inquiries, you can contact Julie Shamburger, the Chief Financial Officer of Southside Bancshares, at 903-531-7134.
