How a Texas CEO Made a Difficult Sale Work for His Shareholders, His Bank and Himself
How do you raise money from investors at $10 per share and then turn around a year and a half later and ask them to approve a sale of your bank at $7 per share? That's exactly what Kevin Hanigan did. The scrappy CEO of a $508-million asset bank in Texas made himself the CEO of a $3.2-billion asset bank by selling his bank to a larger institution, and persuading his shareholders that taking less is more, at least in the long haul. It seemed to work out not just for Hanigan, but the shareholders, too. Background Highlands Bancshares Inc....
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