Southside Bancshares Tumbles 4.5%

Southside Bancshares said Tuesday that it has priced an underwritten public offering of 1.9 million shares of common stock at $36.50 per share, or a 4.8% discount from the stock’s previous close, for total expected gross proceeds of approximately $69.4 million.

The underwriters have been granted a 30-day option to purchase up to 285,000 additional shares.
The company intends to use the net proceeds for general corporate purposes.
The offering is expected to close on or about Dec. 9, subject to customary closing conditions.