There are times when the market's knee jerk reaction is justified but other times when we scratch our heads in bewilderment. This brings us to a recently announced merger of OmniAmerican Bancorp (NASDAQ:OABC) into Southside Bancshares (NASDAQ:SBSI). We originally postulated that OmniAmerican's banking operations were underperforming although had very attractive branch locations in one of the fastest growing areas in the US, the Dallas/Fort Worth metro area, and would be an attractive buyout target. Lucky for us, our thesis worked out in less than two months, but at a lower price than we estimated. Other shareholders are in agreement that the price of the merger is a bit low, but we want to focus on the...
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