EXHIBIT
99.1
Friday November 10, 6:45 pm Eastern Time
Press Release
SOURCE: Southside Bancshares, Inc.
Southside Bancshares, Inc. Announces 5% Stock Dividend and
Special Cash Dividend
TYLER, Texas, Nov. 10 /PRNewswire/ -- The Board of Directors of Southside
Bancshares, Inc. (Nasdaq: SBSI - news), parent company of Southside Bank,
announced approval of a 5% common stock dividend payable on November 30, 2000 to
shareholders of record on November 20, 2000. In addition, the Board also
declared a regular cash dividend of $.05 and a special cash dividend of $.025
both payable on December 18, 2000 to shareholders of record on December 4, 2000.
In a separate action, the Board of Directors voted to increase the regular
annual cash dividend of $.20 per share to $.24 per share, a 20% increase,
beginning in the first quarter 2001. B. G. Hartley, Chairman of the Board and
Chief Executive Officer reported that the Company recently completed the
offering of $15,000,000 of 8.75% cumulative convertible trust preferred
securities trading under the symbol "SBSIO". The proceeds of the offering will
be used for capital contributions to the bank to support growth, for working
capital, to fund possible repurchase of shares of our common stock and for
general corporate purposes. The securities pay investors 8.75% interest on their
investment, while offering a conversion option into the Company's common stock
at a price of $10.50 per share.
Southside Bank is a $1.1 billion community bank with 15 banking locations in
East Texas. The common stock of Southside Bancshares, Inc. is traded through the
Nasdaq National Market under the symbol SBSI.
Certain statements of other than historical fact that are contained in this
document and in written material, press releases and oral statements issued by
or on behalf of the Company may be considered to be "forward-looking statements"
as that term is defined in the Private Securities Litigation Reform Act of 1995.
These statements may include words such as "expect," "estimate," "project,"
"anticipate," "should," "intend," "probability," "risk," "target," "objective"
and similar expressions. Forward-looking statements are subject to significant
risks and uncertainties and the Company's actual results may differ materially
from the results discussed in the forward-looking statements. Other factors that
could cause actual results to differ materially from forward-looking statements
include, but are not limited to general economic conditions, either nationally
or in the State of Texas, legislation or regulatory changes which adversely
affect the businesses in which the Company is engaged, changes in the interest
rate environment which reduce interest margins, significant increases in
competition in the banking and financial services industry, changes in
consumer spending, borrowing and saving habits, technological changes, the
Company's ability to increase market share and control expenses, the effect of
compliance with legislation or regulatory changes, the effect of changes in
accounting policies and practices and the costs and effects of unanticipated
litigation.
