Latest news with #DavidFlack
Yahoo
02-07-2025
- Business
- Yahoo
Louisiana bank to enter Dallas with its second Texas deal
Six years after entering Texas, Louisiana-based Investar Holding Corp. is going much bigger in the Lone Star State with a deal for the $1.6 billion-asset Wichita Falls Bancshares. Acquiring Wichita Falls, the holding company for the 36-year-old First National Bank, would add $1.2 billion of Texas-based deposits, including $364 million in the rapidly growing Dallas-Forth Worth Metroplex, where First National operates five branches. It would also significantly alter Investar's funding profile by raising the level of Texas-based deposits, currently at 6%, to 37% for the pro forma company. In a press release, Investar CEO John D'Angelo described the merger, which is expected to close in the fourth quarter, as "a pivotal moment in the history of Investar Bank and a defining milestone for our company." To help fund the purchase, Baton Rouge-based Investar announced the completion of a private placement of $32.5 million in preferred stock on Tuesday. The company said it would use the stock-sale proceeds to support the acquisition and for general corporate purposes, "including organic growth and other potential acquisitions." An Investar spokesperson did not immediately respond to a request for comment on the company's level of interest in pursuing more M&A deals. Investar agreed to pay about $84 million in cash and stock for Wichita Falls, which is based in the North Texas city of the same name. Investors appear to favor the transaction. Shares in Investar were trading up nearly 6% midday Wednesday at $21.56 per share. Investar entered Texas in 2019 by acquiring the $125 million-asset Mainland Bank in Texas City. Following the completion of the deal announced Tuesday, the combined company would start with $4 billion of assets, $3.3 billion of loans and $3.5 billion of deposits. Investar is projecting 2026 earnings of $3.08 per share, reflecting 35% accretion. Investar reported earnings per share of $2.06 in 2024 and $1.69 in 2023. "We believe this merger creates more long-term value for our customers, communities and shareholders," Wichita Falls President David Flack said in the press release. "It will allow us to bring new products and services to our customers while keeping the same banking locations and trusted local bankers." The sale to Investar "provides a great opportunity to enhance strategic synergies through combined resources," Stan Pinkham, the president and CEO of First National Bank, said in the release. Founded by D'Angelo in 2006, the $2.7 billion-asset Investar has frequently employed M&A to fuel its growth. Investar acquired the $249 million-asset Citizens Bancshares in Ville Platte, Louisiana, for $46 million in July 2017. Five months later, in December 2017, the company was able to bulk up in its core Baton Rouge market, completing a $22 million deal for the $131 million-asset BOJ Bancshares. In recent years, Investar has pursued a multistate expansion strategy. It bought Cheha Financial Group in Oxford, Alabama, for $41 million in April contrast with Investar, which is a significant commercial and small business lender, Wichita Falls has focused on mortgage lending. In addition to its seven branches, it operates two mortgage offices. As of March 31, one-to-four-family mortgages made up just under half of its $1.1 billion loan portfolio. Investar said it plans to sell $200 million of mortgages to reduce the pro forma company's residential loan concentration and pay down corporate debt and noncore deposits. The announcement that Investar expects the deal to close in about five months is in keeping with a growing trend of more timely M&A decisions by regulators. In a research note Monday, Seaport Research Partners Senior Analyst Laurie Havener Hunsicker noted that 10 of the 21 bank deals announced in January and February 2025 have already closed.
7NEWS
13-06-2025
- Entertainment
- 7NEWS
Flack Attack! Star designer's Brunswick Home just listed
One of Melbourne's most creatively imagined homes has hit the market, and it belongs to none other than David Flack, founder of the acclaimed Flack Studio. Flack rose to global design fame following the striking transformation of pop superstar Troye Sivan's Carlton home, which earned him a coveted spot on Architectural Digest's AD100 list in 2022. Since then, he's become the go-to designer for a host of Australian celebrities , including comedian Andy Lee and his fiance Rebecca Harding, who tapped Flack Studio to breathe new life into their crumbling Hawthorn mansion, Ravenswood. He's also collected a string of accolades along the way, from an IDEA (Interior Design Excellence Award) to Vogue Living's Creative of the Year at the VL50. Now, Flack is offering up one of his own, a picture-perfect Victorian terrace at 7 Howard Street, Brunswick. Meticulously reimagined by Flack and his partner Jason Olive, the home blends period charm with bold, contemporary detailing, the kind of work that's become Flack Studio's signature. Inside, the two-bedroom, one-bathroom residence is packed with character and craftsmanship. The original bones of the 1901 cottage remain, think soaring ceilings, exposed brick and beautiful Baltic pine floors, but have been elevated with rich colour, custom textures, and high-impact flourishes. "The house embraces the unique exposed brick walls, original Baltic pine floorboards, and heritage features throughout," Flack told The Design Files. "Our interventions of materials are a balance between warm, natural, and muddy tones, scorched almond, camel, olive, white pepper, accented with punchy glossy red openings and transitions painted." The kitchen is a highlight, where handmade Italian terracotta tiles meet creamy quartzite benchtops and a striking red steel portal connecting to the dining area. A picture window offers a leafy view to the garden, the perfect place to curl up with a book or enjoy a quiet morning coffee. The bathroom is equally considered, layered with blue marble floors, fluted glass, Venetian plaster, and a custom stainless-steel vanity, all gently lit by a handmade sconce. A nearby powder room continues the same moody elegance, complete with polished plaster and subtle metallics. Other features include solar power, hydronic and underfloor heating, air conditioning, wool carpets, high-end hardware, and a lushly landscaped garden, complete with an outdoor shower. A rear laneway provides private parking, but with cafés, trams, Anstey Station, Sydney Road and Lygon Street all within walking distance, you'll barely need a car. With renovation costs soaring, Flack says this home offers something rare: a ready-made, designer-crafted sanctuary. The property is listed with a price guide of $1.4 million to $1.5 million and is set to go under the hammer on Saturday, June 21 at 1:00pm.
