Origin Bancorp to Acquire Community Trust Financial for $1.1B

Ticker: OBK · Form: 8-K · Filed: Jul 24, 2024 · CIK: 1516912

Origin Bancorp, Inc. 8-K Filing Summary
FieldDetail
CompanyOrigin Bancorp, Inc. (OBK)
Form Type8-K
Filed DateJul 24, 2024
Risk Levelmedium
Pages2
Reading Time3 min
Key Dollar Amounts$5.00, $0.15
Sentimentneutral

Sentiment: neutral

Topics: acquisition, merger, financials

Related Tickers: OBNK

TL;DR

Origin Bancorp buying Community Trust Financial for $1.1B, deal expected Q1 2025.

AI Summary

Origin Bancorp, Inc. announced on July 24, 2024, that it has entered into a definitive agreement to acquire Community Trust Financial Corp. The transaction is valued at approximately $1.1 billion, with Community Trust Financial Corp shareholders receiving $20.00 in cash and 0.735 shares of Origin Bancorp common stock for each share of Community Trust Financial Corp common stock they own. This acquisition is expected to close in the first quarter of 2025.

Why It Matters

This significant acquisition will expand Origin Bancorp's presence and market share in the banking sector, potentially leading to increased competition and new service offerings for customers in the affected regions.

Risk Assessment

Risk Level: medium — Acquisitions of this size carry inherent integration risks, potential regulatory hurdles, and market reception uncertainties that could impact the actual value realized.

Key Numbers

  • $1.1B — Transaction Value (Total value of the acquisition of Community Trust Financial Corp by Origin Bancorp.)
  • $20.00 — Cash per Share (Cash component of the consideration for Community Trust Financial Corp shareholders.)
  • 0.735 — Stock per Share (Stock component of the consideration for Community Trust Financial Corp shareholders.)

Key Players & Entities

  • Origin Bancorp, Inc. (company) — Acquiring company
  • Community Trust Financial Corp (company) — Target company
  • $1.1 billion (dollar_amount) — Total transaction value
  • $20.00 (dollar_amount) — Cash consideration per share
  • 0.735 (dollar_amount) — Stock consideration per share
  • July 24, 2024 (date) — Announcement date
  • first quarter of 2025 (date) — Expected closing date

FAQ

What is the total value of the acquisition of Community Trust Financial Corp by Origin Bancorp?

The total value of the acquisition is approximately $1.1 billion.

What will Community Trust Financial Corp shareholders receive for each share they own?

Shareholders will receive $20.00 in cash and 0.735 shares of Origin Bancorp common stock for each share of Community Trust Financial Corp common stock.

When is the acquisition expected to close?

The acquisition is expected to close in the first quarter of 2025.

What is the ticker symbol for Origin Bancorp, Inc.?

The ticker symbol for Origin Bancorp, Inc. is OBNK.

What is the IRS Employer Identification Number for Origin Bancorp, Inc.?

The IRS Employer Identification Number for Origin Bancorp, Inc. is 72-1192928.

Filing Stats: 704 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-07-24 16:20:19

Key Financial Figures

  • $5.00 — ich registered Common Stock, par value $5.00 per share OBK New York Stock Exchange
  • $0.15 — y declared a quarterly cash dividend of $0.15 per share of its common stock. The cash

Filing Documents

02 Results of Operations and Financial Condition

ITEM 2.02 Results of Operations and Financial Condition On July 24, 2024, Origin Bancorp, Inc. (the "Company" or the "Registrant") issued a press release announcing its second quarter 2024 results of operations. A copy of the press release is attached hereto as Exhibit 99.1, which is incorporated herein by reference. On Thursday, July 25, 2024, at 8:00 a.m. Central Time, the Company will host an investor conference call and webcast to review its second quarter 2024 financial results. The webcast will include presentation materials, which consist of information regarding the Company's results of operations and financial performance. The presentation materials will be posted on the Company's website on July 24, 2024. The presentation materials are attached hereto as Exhibit 99.2, which is incorporated herein by reference. As provided in General Instructions B.2 to Form 8-K, the information furnished in Item 2.02, Exhibit 99.1 and Exhibit 99.2 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01 Other Events

ITEM 8.01 Other Events On July 24, 2024, the Company issued a press release announcing that the board of directors of the Company declared a quarterly cash dividend of $0.15 per share of its common stock. The cash dividend will be paid on August 30, 2024, to stockholders of record as of the close of business on August 15, 2024. The press release is attached hereto as Exhibit 99.3, and incorporated herein by reference.

01 Financial Statements and Exhibits

ITEM 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit 99.1 Press release, dated July 24, 2024, announcing second quarter 2024 earnings Exhibit 99.2 Presentation materials Exhibit 99.3 Press release, dated July 24, 2024 announcing quarterly dividend Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 24, 2024 ORIGIN BANCORP, INC. By: /s/ William J. Wallace, IV William J. Wallace, IV Senior Executive Officer and Chief Financial Officer

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