June 12, 2017 / 10:04 PM / 3 months ago

BRIEF-Southside Bancshares Inc and Diboll State Bancshares Inc to merge

June 12 (Reuters) - Southside Bancshares Inc:

* Southside Bancshares Inc and Diboll State Bancshares Inc to merge

* Southside Bancshares Inc says transaction is expected to be accretive to earnings per share in first full year after closing

* Southside Bancshares Inc - to merge with Diboll State Bancshares; value of consideration to Diboll shareholders would be $218.8 million in aggregate

* Southside - Diboll State Bancshares Inc shareholders will receive, in aggregate, 5.5 million shares of Southside common stock and up to $25 million in cash

* Southside Bancshares Inc - merger has been unanimously approved by boards of directors of both companies

* Southside Bancshares - following closing of deal, 2 Diboll State Bancshares board members will join Southside Board, which will be expanded to 17 members Source text for Eikon: Further company coverage:

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