TYLER, Texas, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc., (NASDAQ:SBSI), the holding company of Southside Bank, announced that its Board of Directors has authorized a Stock Repurchase Plan, under which the Company may repurchase, from time to time, up to 1 million shares of its outstanding common stock.

“We believe repurchasing our common stock is an attractive use of capital, given recent market prices,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “Our strong capital levels and continued solid operating results allow us to repurchase shares, while also providing flexibility to support future strategic opportunities.”

Repurchases may be carried out in open market purchases, privately negotiated transactions and pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may suspend or discontinue at any time.

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $6.37 billion in assets as of June 30, 2019. Through its wholly-owned subsidiary, Southside Bank, Southside currently operates 59 branches and a network of 81 ATMs/ITMs throughout East Texas, Southeast Texas, Dallas/Fort Worth and Austin. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services.