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SOURCE Pioneer Bancshares, Inc.
DRIPPING SPRINGS, Texas, July 3, 2014 /PRNewswire/ -- Pioneer Bancshares, Inc. announced today the closing of a $12 million private placement offering in which the company sold 665,928 shares of its common stock at a price of $18.00 per share. The original offering, which commenced on March 31, 2014, was for 560,000 shares; however, strong demand allowed the Company to exercise the provision in the offering to issue the additional 105,928 shares. Investors for this stock offering were primarily Texas residents, with 51 percent of subscriptions coming from Dripping Springs, Austin, San Marcos and Kerrville - all primary service areas for the company and its subsidiary bank, Pioneer Bank, SSB.
"The success of this offering further proves the need for a strong and local community bank in Austin and Central Texas," stated Jeff Wilkinson, President and CEO of Pioneer Bank SSB. "We are grateful for the support of all new and existing shareholders and we look forward to growing this bank together," added Mr. Wilkinson.
The Company intends to use the net proceeds from this offering for general corporate purposes, which may include funding organic loan growth as well as acquisition opportunities that may arise in the future. Since January 1, 2014, Pioneer Bank, SSB has grown assets by 31 percent, from $262 million to $344 million, through organic growth and the recent acquisition of Union State Bank in Kerrville, Texas.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The offering was made by means of a Private Placement Memorandum dated March 31, 2014.
About Pioneer Bancshares, Inc.
Pioneer Bancshares, Inc. is a bank holding company with headquarters in Dripping Springs, Texas. Its subsidiary, Pioneer Bank, SSB, is a Texas state savings bank that is also headquartered in Dripping Springs, Texas, with branch offices in Austin, San Marcos, Kerrville, La Grange, and Weimar. As of June 30, 2014, Pioneer Bank, SSB reported total assets of $344 million, total loans of $242 million, and total deposits of $308 million.
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