Spirit Of Texas Bancshares, Inc. Announces Pricing Of Upsized Initial Public Offering Of Common Stock

May 3, 2018

HOUSTON, May 3, 2018 /PRNewswire/ -- Spirit of Texas Bancshares, Inc. (the "Company"), the bank holding company for Spirit of Texas Bank, today announced the pricing of the upsized initial public offering of 2,000,000 shares of its common stock at an initial public offering price of $21.00 per share, before underwriting discounts and commissions.  The Company has also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. 

The Company's common stock is expected to begin trading on the NASDAQ Global Select Market under the trading symbol "STXB" on May 4, 2018.  The offering is expected to close on May 8, subject to customary closing conditions.

The Company expects to receive gross proceeds of approximately $42.0 million from the offering, or approximately $48.3 million if the underwriters exercise their over-allotment option in full.  The Company intends to use the net proceeds from the offering to fund organic growth in new and existing markets, potential future merger and acquisition activity, and for general corporate purposes. The Company may use a portion of the net proceeds from the offering to repay outstanding indebtedness under the Company line of credit.

Stephens Inc. and Keefe, Bruyette & Woods, a Stifel Companyare acting as joint book-running managers for the offering.  Piper Jaffray & Co. and Sandler O'Neill + Partners, L.P. are acting as co-managers.

The offering is being made only by means of a prospectus.  When available, copies of the prospectus relating to the offering may be obtained from Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201, Attention: Syndicate, or by calling toll-free 1-800-643-9691 or Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, 4th Floor, New York, New York 10019, Attention: Equity Capital Markets, or by calling toll-free 1-800-966-1559.  Copies of the registration statement relating to these securities and the prospectus, when available, may also be obtained free of charge from the website of the U.S. Securities and Exchange Commission (the "SEC") at www.sec.gov.

A registration statement relating to these securities was declared effective by the SEC on May 3, 2018. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Spirit of Texas Bancshares, Inc.

The Company is the bank holding company for Spirit of Texas Bank, a state savings bank with total assets of $1.03 billion, headquartered in Conroe, Texas that delivers relationship-driven financial services to small and medium-sized businesses and individuals through 15 full-service branches located primarily in the Houston, Dallas/Fort Worth and Bryan/College Station metropolitan areas.

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this press release may contain various "forward-looking statements." These forward looking statements describe our future plans, results, strategies and expectations and are subject to business, economic, and other risks and uncertainties, both known and unknown, that could cause our actual operating results and financial position to differ materially from the forward-looking statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "could," "would," "goal," "plan," "potential," "expect," "anticipate," "estimate," "project," "target," "aim," "believe," or "continue," or the negative thereof or other variations thereof or comparable terminology. We have made the forward-looking statements based on assumptions and estimates that we believe to be reasonable in light of the information available to us at this time. However, these forward-looking statements are subject to significant risks and uncertainties, and could be affected by many factors.

Numerous factors may cause our results to differ materially from the anticipated or estimated results described in our forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond our control. You should not rely on any forward-looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law. We qualify all of our forward-looking statements by these cautionary statements. 

Investor Relations Contact:
Ken Dennard / Natalie Hairston
Dennard Lascar Investor Relations


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SOURCE Spirit of Texas Bancshares, Inc.

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