Andrew Terrell

Jeff Rulis

Brett Rabatin

Charlie Driscoll

Andrew Liesch

Kate Ashley

Ryan Payne

- On **September 15, 2025**, National Bank Holdings Corporation (NBHC) entered into an Agreement and Plan of Merger with Vista Bancshares, Inc. (Vista).  **[1475841_0001104659-25-091291_tm2526246d1_ex10-1.htm:0]** **[1475841_0001104659-25-091291_tm2526246d1_8k.htm:1]** **[1475841_0001104659-25-091291_tm2526246d1_ex2-1.htm:5]** 
- Under the agreement, Vista will merge with and into NBHC, with NBHC continuing as the surviving corporation. Immediately following this, Vista's wholly-owned bank subsidiary, Vista Bank, will merge with NBHC's wholly-owned bank subsidiary, NBH Bank.  **[1475841_0001104659-25-091291_tm2526246d1_8k.htm:1]**  The merger agreement was **unanimously approved by the board of directors of both NBHC and Vista**.  **[1475841_0001104659-25-091291_tm2526246d1_8k.htm:1]** 
- Each share of Vista common stock will be converted into the right to receive the following merger consideration  **[1475841_0001104659-25-091291_tm2526246d1_8k.htm:1]** :

| Metric | Q2 2025 |
|---|---|
| Cash Merger Consideration ($USD) | **$31.62**  **[1475841_0001104659-25-091291_tm2526246d1_8k.htm:1]**  |
| Exchange Ratio (NBHC shares per Vista share) | **3.1161**  **[1475841_0001104659-25-091291_tm2526246d1_8k.htm:1]**  |

- The merger agreement includes a termination date of **September 15, 2026**, and specifies that Vista will pay NBHC a **$15,000,000 termination fee** under certain circumstances.  **[1475841_0001104659-25-091291_tm2526246d1_8k.htm:24]**

National Bank Holdings Corporation Enters Merger Agreement with Vista Bancshares

- National Bank Holdings Corporation (NBHC) has entered into a definitive agreement to merge with Vista Bank Shares in a **$369 million transaction**.  **[1475841_2145627_0]** **[1475841_2145627_1]**  The consideration for Vista shareholders includes approximately **7.4 million shares** and **$85 million in cash**.  **[1475841_2145627_1]** 
- The merger is projected to be **17% accretive** to future earnings, fully phased-in by **2027**, with an estimated **three-year** tangible book value dilution earn back.  **[1475841_2145627_1]** **[1475841_2145627_4]**  NBHC anticipates **30% cost savings** from identified efficiencies.  **[1475841_2145627_1]** **[1475841_2145627_4]** 
- This acquisition expands NBHC's presence in high-growth Texas markets, including Dallas-Fort Worth, and will result in a combined entity with approximately **$12.4 billion in total assets** based on June 30, 2025 financials.  **[1475841_2145627_1]** **[1475841_2145627_2]**  NBHC plans to adopt the **Vista name** for most of its banks, excluding Bank of Jackson Hole.  **[1475841_2145627_2]** 
- Vista's leader, John Steinmetz, will join NBHC's leadership team, overseeing Texas growth, Colorado resort markets, and strategic initiatives.  **[1475841_2145627_2]**  The transaction is expected to close in **early 2026**.  **[1475841_2145627_4]**

National Bank Holdings Corporation Announces Merger with Vista Bank Shares

- National Bank Holdings (NBHC) announced the **acquisition of Vista Bancshares, Inc.** for a **deal value of $369 million**.  **[1475841_2145415:11]**  This strategic move aims to expand NBHC's presence in high-growth Texas markets.  **[1475841_2145415:0]** **[1475841_2145415:12]** 
- The transaction consideration is structured with approximately **80% stock and 20% cash**.  **[1475841_2145415:11]** 
- NBHC anticipates strong financial benefits, including **~17% EPS accretion** and **350bps+ ROATCE improvement** in 2026.  **[1475841_2145415:12]** **[1475841_2145415:15]** 
- The deal is expected to close in **Q1 2026**, subject to regulatory and shareholder approvals.  **[1475841_2145415:11]** **[1475841_2145415:15]**  Post-acquisition, the NBH Bank franchise will be **rebranded as Vista Bank** across the combined enterprise over time.  **[1475841_2145415:11]**

National Bank Holdings to Acquire Vista Bancshares, Inc.

- National Bank Holdings Corporation (NBHC) announced a definitive merger agreement to acquire Vista Bancshares, Inc. ("Vista") on **September 15, 2025**.  **[1475841_0001104659-25-090074_nbhc-20250915x8k.htm:1]** **[1475841_0001104659-25-090074_nbhc-20250915xex99d1.htm:1]** 
- The transaction is valued at **$369.1 million** and involves Vista shareholders receiving approximately **$84.8 million in cash** and **7.4 million shares of NBHC common stock**, representing an approximate **80% stock / 20% cash** consideration.  **[1475841_0001104659-25-090074_nbhc-20250915xex99d1.htm:1]** **[1475841_0001104659-25-090074_nbhc-20250915xex99d2.htm:5]** 
- Upon completion, the combined company is projected to have approximately **$12.4 billion in total assets** and **$10.4 billion in total deposits** as of June 30, 2025.  **[1475841_0001104659-25-090074_nbhc-20250915xex99d1.htm:1]** **[1475841_0001104659-25-090074_nbhc-20250915xex99d2.htm:6]** 
- The acquisition is expected to be **17% accretive to NBHC's earnings** with a tangible book value earn-back in approximately **3 years**, and is anticipated to close in **Q1 2026**.  **[1475841_0001104659-25-090074_nbhc-20250915xex99d1.htm:1]** **[1475841_0001104659-25-090074_nbhc-20250915xex99d2.htm:6]** 
- John D. Steinmetz, Vista Bank's CEO, will lead the combined Texas market and serve as Executive Vice Chair and Executive Managing Director of Strategic Initiatives at NBH Bank.  **[1475841_0001104659-25-090074_nbhc-20250915xex99d1.htm:1]** **[1475841_0001104659-25-090074_nbhc-20250915xex99d2.htm:5]**