Southside Bancshares, Inc. (NASDAQ:SBSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Southside Bancshares, Inc. (NASDAQ:SBSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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On October 4, 2018 the Board of Directors (the “Board”) of Southside Bancshares, Inc. (the “Company”) elected George H. (Trey) Henderson III to serve as a member of the Board, effective immediately. Mr. Henderson has not been appointed to any committee of the Board at this time. Mr. Henderson is the owner of Henderson Mineral, Inc. and a graduate of Texas A&M University with a bachelors degree in Agricultural Economics.Mr. Henderson currently serves on the Board of Directors for Brookshire Brothers, Overseas Hardwood Company, The Pineywoods Foundation, the George H Henderson Jr. Expo Center and the Texas Forestry Association Legislative Board. He has worked closely with the Lufkin/Angelina Economic Development Board to bring new businesses to Angelina County. He previously served on the board of directors for First Bank & Trust of East Texas. Mr. Henderson has been a member of the Southside Bank board of directors since December 7, 2017.

Mr. Henderson’s initial term of office will expire at the Company's 2019 annual meeting of shareholders. Compensatory arrangements for Mr. Henderson are consistent with the Company’s previously disclosed standard arrangements for non-employee directors. Such arrangements are described in the Company’s proxy statement for its 2018 annual meeting of shareholders filed on March 23, 2018, which disclosure is incorporated herein by reference.

Mr. Henderson owns a 20% interest in HFive Partners, Ltd., together and equally with his four siblings, and exercises managerial authority over the partnership. HFive Partners, Ltd. owns 9.9% of Coss Partners, Ltd. The Company, through Southside Bank, currently has an outstanding loan to Coss Partners. Mr. Henderson has provided a limited personal guaranty of approximately 4.0% of the principal balance of the loan. Such loan was made by First Bank & Trust of East Texas, which the Company acquired on November 30, 2017, in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to First Bank & Trust of East Texas. At the time made, the loan did not involve more than the normal risk of collectability.


About Southside Bancshares, Inc. (NASDAQ:SBSI)

Southside Bancshares, Inc. (Southside) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. The Company operates through approximately 60 banking centers, over 20 of which are located in grocery stores, and 25 motor bank facilities. Its services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services. The Company’s consumer loan services include one- to four-family residential mortgage loans, home equity loans, home improvement loans, automobile loans and other installment loans. The Company’s Commercial real estate loans primarily include loans collateralized by commercial office buildings, retail, medical facilities and offices, warehouse facilities, hotels and churches.

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