Vista shareholders will receive about $84.8 million of cash and roughly 7.4 million shares of National Bank’s common stock, subject to potential adjustments, the companies said Monday in a statement. The deal is expected to be completed in the first quarter of 2026, pending regulatory approval.
The transaction will create a regional bank with $12.4 billion of assets, with about 100 locations in Texas, Florida, Colorado, Utah, Wyoming, New Mexico, Missouri, Kansas and Idaho. The company’s combined Texas operations will be led by Vista Chief Executive Officer John Steinmetz, who said his firm had “strongly considered” an initial public offering.
The deal will help Denver-based National Bank expand in Texas, and the potential for the combined entity to make additional acquisitions “makes this alliance one to watch,” Steinmetz said in an interview.
Texas has drawn interest from other banks for its strong economic growth, underpinned by commercial borrowers in the energy and industrial sectors. In July, Huntington Bancshares Inc. announced a $1.9 billion deal to acquire Dallas-based Veritex Holdings Inc.
Jefferies Financial Group Inc. advised Vista on the deal, while Keefe, Bruyette & Woods advised National Bank.