Independent Bank to merge with Texas Capital Bancshares in $5.5B deal
DALLAS and MCKINNEY, Texas — Independent Bank Group Inc. (Nasdaq: IBTX), a McKinney, Texas-based institution that acquired Guaranty Bancorp late last year and operates branches throughout Northern Colorado and the Boulder Valley, will merge with Dallas-based Texas Capital Bancshares, Inc. (Nasdaq: TCBI).
The all-stock merger is valued at approximately $5.5 billion, and the combined bank is expected to hold about $48 billion in assets.
Colorado Independent Bank branches will remain open and maintain their existing branding. The bank has local branches in Berthoud, Brighton, Boulder, Eaton, Fort Collins, Greeley, Longmont, Loveland and Westminster. Texas Capital has branches in Austin, Dallas, Fort Worth, Houston and San Antonio.
SPONSORED CONTENT
How dispatchable resources enable the clean energy transition
Platte River must prepare for the retirement of 431 megawatts (MW) of dispatchable, coal-fired generation by the end of the decade and address more frequent extreme weather events that can bring dark calms (periods when there is no sun or wind).
Under the merger, which has the blessing of both banks’ boards of directors, Texas Capital shareholders will receive 1.0311 shares of Independent Bank Group for each Texas Capital share they own. Shareholders must approve the deal before it closes, which is expected to occur in mid-2020.
“Combining Independent Bank Group and Texas Capital is the logical next step for both companies. We have built a strong, broad commercial branch footprint across Texas and in Colorado through multiple transactions, which have effectively doubled our assets every two years,” Independent Bank CEO David Brooks said in a prepared statement. “This combination with Texas Capital is a singular opportunity to significantly diversify our customer base, business lines and loan concentrations, enabling us to accelerate our growth and enhance our financial flexibility for continued strategic investments. At the same time, Independent Bank Group will benefit from the strength of Texas Capital’s technology, processes and systems to ensure we are even better positioned to serve and compete for clients in all lines of business while mitigating risk.”
Brooks will serve as the combined bank’s CEO, and Texas Capital CEO Keith Cargill will be a special adviser to Brooks.
DALLAS and MCKINNEY, Texas — Independent Bank Group Inc. (Nasdaq: IBTX), a McKinney, Texas-based institution that acquired Guaranty Bancorp late last year and operates branches throughout Northern Colorado and the Boulder Valley, will merge with Dallas-based Texas Capital Bancshares, Inc. (Nasdaq: TCBI).
The all-stock merger is valued at approximately $5.5 billion, and the combined bank is expected to hold about $48 billion in assets.
Colorado Independent Bank branches will remain open and maintain their existing branding. The bank has local branches in Berthoud, Brighton, Boulder, Eaton, Fort Collins,…
THIS ARTICLE IS FOR SUBSCRIBERS ONLY
Continue reading for less than $3 per week!
Get a month of award-winning local business news, trends and insights
Access award-winning content today!