Southside Bancshares will redeem all 5.5% fixed-to-floating notes

Chicago, Aug. 20 – Southside Bancshares, Inc. announced that it will redeem in full its 5.5% fixed-to-floating rate subordinated notes due 2026, according to a press release.

The notes will be redeemed at par plus any unpaid interest up to the Sept. 30 redemption date.

The notes were issued on Sept. 19, 2016.

“Given the current interest rate environment, we have called for redemption of our 5.50% subordinated notes, which will lower our funding costs and be accretive to earnings,” stated Lee R. Gibson, chief executive officer of Southside Bancshares, Inc., in the news release.

Southside is a Tyler, Tex.-based bank holding company for Southside Bank.

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