08:03 AM EDT, 07/01/2025 (MT Newswires) -- Investar ( ISTR ) said Tuesday it will acquire Wichita Falls Bancshares in a cash and stock deal worth about $83.6 million based on its June 30 closing price.

The transaction includes $7.2 million in cash and 3.96 million shares of Investar ( ISTR ) common stock, subject to adjustments, the company said.

Wichita Falls operates nine locations in north Texas and had $1.5 billion in assets as of March 31, Investar ( ISTR ) said.

The deal is expected to close in Q4, pending shareholder and regulatory approvals, the company said.

Investar ( ISTR ) also said it is launching a $32.5 million private placement of Series A preferred stock to help fund the acquisition and for general corporate use.

Shares of the company were up over 5% in recent Tuesday premarket activity.