MCKINNEY, Texas, — A Texas-based banking group with branches in the Boulder Valley and Northern Colorado will soon be owned by another banking institution from the Lone Star State.
Independent Bank Group Inc. (Nasdaq: IBTX), the holding company for Independent Bank, on Thursday announced that it has entered into a definitive agreement to acquire Carlile Bancshares Inc. and its subsidiary, Northstar Bank, based in Denton, Texas. The deal is valued at $434 million.
Northstar Bank operates 24 branches in Texas and 18 branches in Colorado, including in Firestone, Greeley, Johnstown, Longmont, Loveland and Milliken. Other branches are located in Colorado’s eastern plains, Highlands Ranch and Colorado Springs, with a corporate office in Denver.
As of Sept. 30, 2016, Carlile reported total assets of $2.3 billion, total deposits of $1.9 billion, and total equity capital of $385 million. Independent Bank Group would have total assets of about $8 billion after completion of the transaction.
“The acquisition of Carlile Bancshares represents the continuation of our planned growth through the acquisition of quality banks in attractive new markets,” Independent Bank Group chairman and CEO David R. Brooks said in a prepared statement. “This acquisition marks our entry into Fort Worth and surrounding sub markets, expanding our presence in the Dallas/Fort Worth market region, as well as into Colorado, with locations along the dynamic I-25 corridor from Denver to Colorado Springs.”
Under terms of the agreement, Independent Bank Group will issue shares of Independent Bank Group common stock to the shareholders of Carlile Bancshares and pay cash to Carlile Bancshares option holders.
The merger has been approved by the boards of directors of both companies and is expected to close during the second quarter of 2017, pending regulatory and shareholder approval.