A. Lee Graham
More time is needed for ViewPoint Financial Group Inc. and Plano-based LegacyTexas Group Inc. to complete their merger, the companies have announced.
By extending the agreement deadline to Dec. 31, 2014, the firms cited additional time required to obtain regulatory approvals and meet customary closing conditions.
The amended merger agreement stresses that the closing date of the merger will occur within five days after receiving regulatory approvals, including applicable waiting periods.
The merger is expected to yield one of the largest independent banks in the state, with 51 branches and pro forma assets surpassing $5 billion.
“We are working very hard to complete the merger, and are totally committed to creating, together, the premier Dallas-Fort Worth commercial banking franchise,” said Kevin Hanigan, ViewPoint president and CEO in a news release.
“Our integration efforts are progressing very well, and we are pleased with the continued strong 2014 performance of both LegacyTexas and ViewPoint,” Hanigan said.
A LegacyTexas executive agreed.
“We look forward to bringing these great companies together, realizing key operational synergies, and increasing the combined bank’s ability to help grow area businesses and support our communities,” said George Fisk, CEO and vice chairman of LegacyTexas, who will join the boards of directors of both ViewPoint and its banking subsidiary at closing.
The merger received unanimous approval from the boards of directors of both companies, as well as by the shareholders of LegacyTexas.
ViewPoint Financial Group Inc. is the holding company for ViewPoint Bank, N.A., which operates 31 banking offices in the Dallas-Fort Worth area.
LegacyTexas Group Inc. is the holding company for LegacyTexas Bank. It operates 20 branches in the Dallas-Fort Worth area.