Lone Star Bank in Houston is delaying a shareholder vote on its pending sale to First Guaranty Bancshares in Hammond, La., to solicit more votes in support of the deal.
The $160.8 million-asset Lone Star said in a press release that it plans to convene and immediately adjourn its June 13 special meeting. The meeting was called for investors to vote on Lone Star’s pending sale to the $3.2 billion-asset First Guaranty.
Lone Star will reconvene the meeting on July 11.
The extension will also give Lone Star investors more time to review information First Guaranty filed on June 2.
First Guaranty agreed to buy Lone Star in January for $78.7 million.