Independent Bank acquires Denver-based bank for Colorado expansion

McKinney-based Independent Bank Group Inc. (IBTX), the holding company for Independent Bank, is continuing on its acquisition trail, announcing May 23 it will buy Guaranty Bancorp for about $1 billion in an all-stock transaction, expanding the bank’s operations into the Denver area.

Guaranty Bancorp (GBNK) is the holding company for Guaranty Bank and Trust Company. It operates from its main office in Denver with 32 branches strategically located along the Colorado Front Range, including 14 locations in the Denver metropolitan area. As of March 31, 2018, Guaranty Bancorp, on a consolidated basis, reported total assets of $3.7 billion, total deposits of $3 billion, and total tangible common equity of $324.8 million.

“We are thrilled to announce the acquisition of Guaranty Bancorp. 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,” said David R. Brooks, chairman and CEO of Independent Bank. “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.”

Upon consummation of the transaction, Guaranty Bancorp President and CEO Paul W. Taylor and Edward B. Cordes, Guaranty Bancorp’s chairman of the board, will join the Board of Directors of Independent Bank Group. Michael B. Hobbs, president of Guaranty Bank and Trust Company, has entered into an employment agreement with Independent Bank and will serve as Colorado Market CEO upon closing.

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The transaction has been approved by the Boards of Directors of both companies and is currently expected to close during the fourth quarter of 2018.

Independent Bank Group received a fairness opinion from Stephens Inc. in connection with the transaction and was represented by Wachtell, Lipton, Rosen & Katz as legal counsel. Guaranty Bancorp was advised by Keefe, Bruyette & Woods, Inc. as financial advisor and was represented by Shapiro Bieging Barber Otteson LLP as legal counsel.

Independent Bank has been on the acquisition trail for several years. Earlier this year, it expanded into the Houston market, acquiring Integrity Bank in a $164.3 million deal. In 2017, the bank acquired, in a deal valued at $434 million, Fort Worth-based Carlile Bancshares Inc. and its subsidiary, Northstar Bank, Denton.