The holding company for Independent Bank, Independent Bank Group Inc. (NASDAQ: IBTX), on July 27 announced a tentative agreement with the McKinney Economic Development Corporation (MEDC) and the City of McKinney to build its new corporate headquarters at the McKinney Corporate Center Craig Ranch.
“McKinney is poised for new business growth and these are the types of businesses we are looking to recruit and retain for our rapidly growing city,” said McKinney’s Mayor, George Fuller, in a news release. “Their progressive business climate and long-term commitment to McKinney makes Independent Bank the ideal anchor for the McKinney Corporate Center Craig Ranch.”
The news release said that the bank plans to close on a 10.4-acre plot located at State Highway 121 and Grand Ranch Parkway in August with an anticipated occupancy date of spring 2019. The City of McKinney news release says that Independent Bank is expected to start construction on the property before May 1, 2018.
A news release from the City of McKinney said that the headquarters is expected to bring up to 400 new jobs to the city during the next five years and that Independent Bank was offered an incentive by MEDC that was based on keeping 221 jobs, adding up to 200 jobs and spending an estimated $52,000,000.
“Independent Bank is pleased to reaffirm a decades-long commitment to the city of McKinney,” said CEO of Independent Bank David R. Brooks in a news release. “We have deep roots here and our organization has a unique opportunity to leverage the tremendous growth we’ve experienced since going public four years ago. Choosing the McKinney Corporate Center Craig Ranch for our new corporate headquarters will accommodate future growth and allow us to recruit and retain top-level talent,” said Brooks.
The Independent Bank website (https://www.independent-bank.com/about-us/inside-independent-bank/executive-team.html) says that Brooks has been involved in the City of McKinney community and has served on multiple city boards including:
– Five years as the President of the Board of Trustees of McKinney ISD
– Four years on the McKinney City Council
– Three years on the MEDC board
– Three years on the McKinney Chamber of Commerce Board
“Mr. Brooks has been a stalwart in the McKinney community as a past City Councilman, McKinney ISD Board President and in various other positions, which have been a factor in McKinney’s growth,” said the Craig Ranch developer David Craig in a news release. “Now he is adding to that growth by positioning his company in the McKinney Corporate Center Craig Ranch. We are thrilled to welcome Mr. Brooks and Independent Bank as an integral part of Craig Ranch moving forward.”
Independent Bank is based in McKinney and is a $8.6 billion regional bank. The news release says that there are 82 banking offices in Colorado and Texas and that since going public in 2013 it has increased its employee-base from 340 to over 1,000. The news release says that the bank is “founded on the belief that they have a responsibility to build healthy communities from within” and that it has a strong corporate culture that often gives back to the community.
“Independent Bank has experienced tremendous growth over the past decade making 11 corporate acquisitions since 2009 and going public in 2013,” said MEDC Chairman Jason K. Burress in a news release. “It is one of the fastest growing banks in Texas and is the only two-time recipient of the MEDC Corporate Performance Award. Beyond performance, the company is a true community leader from the top down in volunteerism and charity work.”
“Independent Bank’s construction of its corporate campus in McKinney represents the right kind of growth that McKinney residents want to see,” said Burress.