53.6 F
Fort Worth
Saturday, November 28, 2020
Banking McKinney bank to purchase Houston bank

McKinney bank to purchase Houston bank

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

Independent Bank Group Inc. (IBTX), the McKinney-based holding company for Independent Bank, announced Nov. 28 that Independent Bank Group has entered into a definitive agreement to acquire Integrity Bancshares,Inc. and its subsidiary, Integrity Bank SSB, in Houston.

“We are pleased to announce our third acquisition in Houston, adding to our presence in this dynamic market,” said.Independent Bank Group Chairman and CEO David R. Brooks in a statement. “Integrity Bank has a demonstrated history of growth and strong earnings with locations in some of the most attractive markets in the Houston area.”

Integrity Bancshares, through Integrity Bank, operates four full service banking locations in the Houston metropolitan area. As of September 30, 2017, Integrity Bancshares, Inc., on a consolidated basis, reported total assets of $805 million, total deposits of $679 million, and total equity capital of $84 million.

Under the terms of the agreement, Independent Bank Group will issue 2,072,131 shares of Independent Bank Group common stock and pay cash in the aggregate amount of $31.6 million to the shareholders and option holders of Integrity. If Integrity’s tangible equity is greater than $84 million at closing, Integrity will be permitted to pay a pre-closing cash distribution to its shareholders in an amount equal to any such excess. The cash portion of the merger consideration will be reduced on a dollar for dollar basis to the extent that Integrity’s tangible equity is less than $84 million at closing.

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

Independent Bank Group was advised in the Integrity transaction by Piper Jaffray & Co. as financial advisor, which also rendered a fairness opinion to Independent Bank Group regarding the transaction, and by Haynie Rake Repass & Klimko, PC as legal counsel. Integrity was advised by Sandler + O’Neill Partners, LP as financial advisor and Jackson Walker LLP as legal counsel.

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


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Stocks edge higher on Wall Street on latest vaccine hopes

NEW YORK (AP) — U.S. stocks edged higher in morning trading Monday after investors received several pieces of encouraging news on COVID-19 vaccines and...

Mnuchin denies he’s trying to hinder incoming administration

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an...

Bank of America announces $2.65 million jobs initiative for Texas Black and Hispanic-Latino students

Bank of America announced a new multimillion dollar jobs initiative Nov. 19 to help students of color complete the education and training necessary to...

PNC to buy US unit of Spain’s BBVA bank for $11.6 billion

NEW YORK (AP) — PNC Financial Services Group said Monday it is buying the U.S. subsidiary of Spain's BBVA bank for $11.6 billion in...

Banker gets 1-year term for coronavirus relief funds fraud

By MATTHEW BARAKAT Associated PressALEXANDRIA, Va. (AP) — A northern Virginia banker who admitted illegally receiving $1.4 million in fraudulently obtained coronavirus relief funds...