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Independent Bank promotes Hobbs to president

🕐 2 min read

McKinney-based Independent Bank Group, Inc. (NASDAQ: IBTX), the parent company of Independent Bank, on Sept. 14 announced changes to its executive leadership.

David R. Brooks will remain Chairman and Chief Executive Officer and will continue to serve as the company’s and the bank’s principal executive officer, but he will no longer serve as President. Michael B. Hobbs will serve as President and Chief Operating Officer, effective as of October 1, 2021. Hobbs will continue to oversee the Bank’s lending function as well as supervising many aspects of the bank’s daily operations. The promotion of Hobbs will support the continued development of the company’s infrastructure and organic growth, while enabling Brooks to focus on the company’s strategic vision and culture.

“These changes reflect the careful thought of our Board of Directors regarding the future leadership of our company,” said Brooks. “Michael is a talented and experienced bank executive who has re-energized the organic growth of our company. Under his leadership we have developed a new retail strategy, enhanced our middle market lending team, and strengthened our operating platforms. He is the perfect person to properly balance the need to continue building our infrastructure while optimizing execution across all business lines so that we achieve our growth goals.”

Brooks said he will be able to focus on “long-term shareholder value creation by guiding the company to achieve strategic and sustainable growth, address positive social change in the communities we serve, and meet the challenges of a rapidly-evolving industry landscape.”

Hobbs previously served as Independent Bank Group’s Executive Vice President and Chief Banking Officer. Hobbs has over 25 years of experience in the banking and investment banking sectors, which began with Bank of America – Dallas in the early 1990’s. Hobbs previously served as President and Director of Guaranty Bank & Trust, which the company acquired in 2019. He has been very active in the communities in which he has lived, and he has previously served on the boards of the Colorado Bankers Association, Downtown Denver Partnership and the Colorado I Have a Dream Foundation. Hobbs holds a Bachelor’s degree in Marketing and Masters of Business Administration degree in Finance from Texas Christian University, where he recently served on the Chancellor’s Advisory Council.

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