Happy Bancshares, Inc. | Stephens

Who We Are

What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.


Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

Impact Initiatives

We are committed to corporate philanthropy; economic and financial literacy advocacy; and diversity, equity, and inclusion initiatives.

Our Brand Ambassadors

Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.

Making Connections

We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.

Back to transactions
Lead Placement Agent

Happy Bancshares, Inc.

$140 Million 07/30/2020 Depository Complete
Private Companies
Show Tombstone

Transaction Details

  • On Thursday, July 30, Happy Bancshares, Inc. (the “Company” or “Happy”), the holding company of Happy State Bank, announced the closing of its $140,000,000 private placement of fixed-to-floating rate subordinated notes due 2030 (the “Notes”)
  • The Notes bear a fixed rate of 5.50% for the first 5 years and 3-month SOFR plus 543.5 basis points, resetting quarterly, until the Notes mature on July 31, 2030
  • Kroll Bond Rating Agency rated the Notes BBB-
  • One of the largest private placements of 10 year fixed-to-floating subordinated notes by a U.S. community bank in recent years
  • The Company intends to use the net proceeds from the offering to repay its existing subordinated notes, to support its growth, and for general corporate purposes
  • The Notes are structured to qualify as Tier 2 capital for regulatory purposes

About the company

Happy Bancshares, Inc., the Texas bank holding company for Happy State Bank, had over $5 billion in assets as of July 30, 2020. Happy State Bank was founded in Happy, Texas and is headquartered in Amarillo, Texas. The Bank currently operates through a network of 58 locations in 41 communities in the Texas Panhandle, South Plains, Central Texas and DFW Metroplex. For additional information, visit the Company’s Web site at www.happybank.com.

Sources: Company press release, Bloomberg, Kroll Bond Rating Agency, and S&P Global Market Intelligence
  1. This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.

  2. “Stephens” is the brand name for a family of independent privately held financial services firms, including Stephens Europe Limited, which is authorized and regulated by the Financial Conduct Authority (Registered office 12 Arthur Street, London, EC4R 9AB, Registered number 8817024) and Stephens Inc. which is regulated by the United States Securities and Exchange Commission and the Financial Industry Regulatory Authority (Home Office: 111 Center Street, Little Rock, AR USA, 501-377-2000). Stephens Inc. is a member of NYSE and SIPC. For more information, visit www.stephens.com. © 2021 Stephens