Bulletin
Investor Alert

Market Pulse Archives

Dec. 14, 2016, 7:37 p.m. EST

Veritex Holdings loses a quarter of its market cap after merger announcement

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Veritex Holdings Inc. (VBTX)

or Cancel Already have a watchlist? Log In

By Jeremy C. Owens

VBTX

Veritex Holdings Inc. /zigman2/quotes/201489855/composite VBTX -3.83% plunged more than 25% Wednesday afternoon after the Texas-based bank announced that it would merge with another bank in the same state, Sovereign Bancshares Inc. Veritex said it would issue more than 5 million shares to Sovereign and pay $58 million in cash to complete the deal. In a separate announcement, the company said it would sell fresh shares on the open market to fund the cash portion of the payment. Veritex, which ended Wednesday's session with a market capitalization of $245.5 million, plunged from $22.84 a share in late trading to $17.01 after a trading halt of about 30 minutes. The deal is expected to close in the second quarter of 2017.

/zigman2/quotes/201489855/composite
US : U.S.: Nasdaq
$ 39.47
-1.57 -3.83%
Volume: 267,328
Jan. 27, 2022 4:00p
P/E Ratio
14.23
Dividend Yield
2.03%
Market Cap
$2.02 billion
Rev. per Employee
N/A
loading...

Get news alerts on Veritex Holdings Inc. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.