Independent Bank will acquire Guaranty Bancorp for $1 billion. Pictured is the Guaranty branch at 1550 E. Harmony Road in Fort Collins. BizWest/Chad Collins

Texas bank to acquire Guaranty Bancorp in $1B deal

DENVER — Texas-based Independent Bank Group Inc. (Nasdaq: IBTX) announced Wednesday that it plans to acquire Denver-based Guaranty Bancorp. (Nasdaq: GBNK), the holding company for Guaranty Bank and Trust Co.

Guaranty Bancorp will merge with and into Independent Bank Group in an all-stock transaction valued at $1 billion, according to a statement by Guaranty Bancorp.

If the deal goes through, shareholders of Guaranty Bancorp will receive 0.45 shares of IBTX common stock for each share of GBNK common stock, or approximately $35.37 per GBNK share, based on the closing price of IBTX common stock of $78.60 on May 21.  

The boards of both companies have approved the transaction that is expected to close during the fourth quarter of 2018.  The transaction is subject to the approval by shareholders of Guaranty Bancorp and Independent Bank Group, and customary regulatory approvals.  

As of March 31, Guaranty Bancorp had assets of $3.7 billion, deposits of $3 billion, and common equity of $324.8 million. It operates from its main office in Denver, with 32 branches in Colorado, including Berthoud, Boulder, Fort Collins, Greeley, Longmont and Loveland.

Independent Bank Group operates in four market regions in the Dallas/Fort Worth, Austin, Houston and the Colorado Front Range areas.

In April 2017, Independent Bank Group acquired Northstar Bank’s 18 branches in Colorado, including branches in Firestone, Greeley, Johnstown, Longmont, Loveland and Milliken. In October 2017, Independent Bank closed on a deal announced in June to sell nine of its branches in Colorado to TBK Bank, a subsidiary of Triumph Bancorp Inc. (Nasdaq: TBK) based in Dallas.

“This transaction represents the build out of our Colorado footprint through the acquisition of a high-quality bank operating in dynamic markets along the Front Range,” David R. Brooks, Independent Bank Group’s chairman and CEO,” said in a prepared statement.  “We are thrilled to announce the acquisition of Guaranty Bancorp. Guaranty is the premier Colorado banking franchise and brings a committed management team, consistent level of high profitability, clean balance sheet, strong core deposit base, and a track record of growth.  We are delighted to welcome Guaranty’s clients, shareholders and employees to Independent Bank Group.”

Guaranty Bancorp’s president and chief executive Paul W. Taylor, and Edward B. Cordes, Guaranty Bancorp’s board chairman, will join the board of Independent Bank Group. Michael B. Hobbs, president of Guaranty Bank and Trust Co., will serve as chief executive of Independent Bank’s market in Colorado.