A. Lee Graham
Reporter
LegacyTexas Group Inc., the holding company for Plano-based LegacyTexas Bank, and ViewPoint Financial Group Inc. have announced receiving all regulatory approvals required to complete their merger.
After meeting customary closing conditions, including applicable waiting periods, ViewPoint and LegacyTexas expect to complete the merger on Jan. 1, 2015.
“We are pleased to complete the regulatory approval process,” said ViewPoint president and CEO Kevin J. Hanigan in a news release.
“Our integration plan is on target, and we look forward to being recognized as the leading community bank serving businesses and families in the Dallas-Fort Worth area,” Hanigan said.
Sharing that enthusiasm was a LegacyTexas executive.
“Today marks an important milestone in a partnership that creates one of the premier banking organizations in Texas,” said LegacyTexas vice chairman and CEO George A. Fisk.
The merger, which has been unanimously approved by the boards of directors of both companies and by the stockholders of LegacyTexas, is expected to yield one of the largest independent banks in the state, with 51 branches and pro forma assets of nearly $6 billion.
On completion of the merger, ViewPoint would be known as LegacyTexas Financial Group Inc. and begin trading under the ticker symbol LTXB. The banking subsidiary would be known as LegacyTexas Bank, with branch and branding integration planned for February 2015. LegacyTexas has 20 branches, including one in downtown Fort Worth while ViewPoint has 31 branches including 3 in Tarrant County.
ViewPoint Financial Group Inc. is the holding company for ViewPoint Bank N.A., which operates 31 banking offices in Dallas-Fort Worth. More information is available at www.viewpointbank.com or www.viewpointfinancialgroup.com.
LegacyTexas Group Inc. is the holding company for Plano-based LegacyTexas Bank. It operates 20 branches in Dallas-Fort Worth. More information is available at www.legacytexasbank.com.