TBK acquiring 9 branches in Colorado from Independent Bank Group

DALLAS — TBK Bank, a subsidiary of Triumph Bancorp Inc. (Nasdaq: TBK) based in Dallas, has entered into an agreement to acquire nine branches from Independent Bank Group Inc. (Nasdaq: IBTX), the McKinney, Texas-based holding company for Independent Bank.

The nine branches are in Evans, Firestone, Johnstown, Longmont, Milliken, Akron, Otis, Sterling and Yuma. These branches were acquired by Independent Bank as part of Independent Bank Group’s acquisition of Carlile Bancshares Inc. and its subsidiary, Northstar Bank, in a deal that closed in April.

In this transaction, TBK Bank will purchase approximately $100 million in loans and assume approximately $168 million in deposits associated with the branches for an estimated deposit premium of $7 million, or 4.17 percent, according to separate statements issued by each bank. The actual premium will be based on a 30-day average of deposit balances at the time the transaction closes. The deal is expected to close during the fourth quarter of 2017 and is subject to certain closing conditions, receipt of regulatory approval, and other customary closing conditions.

“This acquisition enhances our retail footprint, improves our core deposit base and complements the personnel announcements we made on June 8,” said Aaron P. Graft, vice chairman and chief executive of Triumph Bancorp. “With this purchase, we expand our footprint in our Western Division to 27 branches and bring our total number of branches to 46.”

 

DALLAS — TBK Bank, a subsidiary of Triumph Bancorp Inc. (Nasdaq: TBK) based in Dallas, has entered into an agreement to acquire nine branches from Independent Bank Group Inc. (Nasdaq: IBTX), the McKinney, Texas-based holding company for Independent Bank.

The nine branches are in Evans, Firestone, Johnstown, Longmont, Milliken, Akron, Otis, Sterling and Yuma. These branches were acquired by Independent Bank as part of Independent Bank Group’s acquisition of Carlile Bancshares Inc. and its subsidiary, Northstar Bank, in a deal that closed in April.

In this transaction, TBK Bank will purchase approximately $100 million in loans and assume approximately $168 million in deposits associated with the branches for an estimated deposit premium of $7 million, or 4.17 percent, according to separate statements issued by each bank. The actual premium will be based on a 30-day average of deposit balances at the time the transaction closes. The deal is expected to close during the fourth quarter of 2017 and is subject to certain closing conditions, receipt of regulatory approval, and other customary closing conditions.

“This acquisition enhances our retail footprint, improves our core deposit base and complements the personnel announcements we made on June 8,” said Aaron P. Graft, vice chairman and chief executive of Triumph Bancorp. “With this purchase, we expand our footprint in our Western Division to 27 branches and bring our total number of branches to 46.”