Denver-based National Bank Holdings is making a significant move into the Dallas-Fort Worth market with its acquisition of Vista Bancshares for $369 million. This strategic acquisition aims to strengthen National Bank’s presence in Texas, enhancing its competitiveness in a rapidly evolving banking landscape.
Nicole Van Denabeele, Chief Financial Officer of National Bank, noted that the bank is paying a substantial 152% premium over Vista’s book value, reflecting the strong potential the bank sees in Vista. As part of the deal, Vista shareholders will receive approximately $84.8 million in cash along with around 7.4 million shares of National Bank Holdings common stock.
The merger will result in the formation of a new banking entity with approximately $12.4 billion in assets and a network of 100 locations across Texas and the Western U.S. Vista has a rich history, originally serving as a rural agricultural lender in Lubbock, Texas, for much of its 100-year existence before relocating its headquarters to Dallas in 2018. The bank currently operates 11 branches within the Dallas-Fort Worth, Austin, and Haskell areas, along with an additional branch in Palm Beach Gardens, Florida.
However, despite the acquisition, Vista remains a relatively minor player in the Dallas-Fort Worth banking sector, holding merely a 0.16% market share with just over $1 billion in deposits as of June 2024, according to FDIC data. National Bank Chairman and CEO Tim Laney emphasized the company’s commitment to leveraging Vista’s unique approach to private banking, particularly its strategies for recruiting and retaining talent.
National Bank operates a variety of brands across the Western U.S., including NBH Bank, Community Banks of Colorado, Bank Midwest, and Hillcrest Bank. Notably, Hillcrest has a location in Dallas at 3012 Maple Ave, just north of downtown.
As part of the acquisition, Laney mentioned that National Bank will adopt the Vista name as a unifying brand for its various entities, with the exception of Bank of Jackson Hole. He expressed appreciation for the significance of the Vista name, which resonates well in both English and Spanish.
Vista’s CEO John Steinmetz and his team are expected to remain with the National Bank, with Laney keen on maintaining the current team structure to enhance their ability to compete in broader markets.
The interest from national and international banking institutions in North Texas has been increasing, highlighted by recent moves such as Canada’s Scotiabank relocating 1,000 jobs to Dallas, Goldman Sachs constructing a $500 million campus nearby, and Ohio’s Huntington Bancshares investing $2 billion to acquire Dallas-based Veritex Holdings. The acquisition of Vista Bancshares by National Bank Holdings positions the company to maximize opportunities in this dynamic and expanding market.
