Triumph Bancorp president and CEO Aaron Graft said that the deal will offer instant and long-term benefits to both firms.
After completion of the transaction, the combined organization will have $1.2bn in total assets and pro forma capital of over $150m.
The National Bank president and CEO John DeDoncker said that the acquisition will provide value to its shareholders and customers and will enable to expanded product offering to meet their clients’ needs.
"THE National Bank will operate as a stand-alone subsidiary of Triumph and will continue to support local economic and civic development," DeDoncker added.
Subject to satisfying customary closing conditions and regulatory approvals, the transaction is likely to conclude during the third quarter of 2013.
Triumph Bancorp was advised by Commerce Street Capital and Beard, Kultgen, Brophy, Bostwick, Dickson & Squires on the transaction, while Sandler O’Neill + Partners offered financial advice and rendered a fairness opinion to the board of directors of National Bancshares.
National Bancshares, with $945m in assets, manages its community banking subsidiary that delivers personal checking accounts, savings accounts, CDs and money market, among others.
