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Tuesday, March 9, 2021

McKinney bank expands into Houston market

McKinney-based Independent Bank Group Inc. announced Thursday it will enter the Houston market by acquiring the Bank of Houston and its holding company, BOH Holdings Inc. The deal is valued at about $170 million, including cash and stock, Independent Bank Group said in a news release. The deal is expected to close in the second quarter of 2014 and will increase Independent Bank Group’s total assets to about $3.2 billion. The merger consideration will consist of $34 million cash and about 3.6 million shares of Independent Bank Group common stock determined by Independent Bank Group’s 20-day volume weighted average stock price of $37.61. James D. Stein, president and CEO of BOH Holdings, and two additional directors of BOH Holdings will join the Board of Directors of Independent Bank Group. Stein will also serve as vice chairman/Houston Region CEO and will oversee the Houston operations of the combined entity.

As of September 30, 2013, BOH Holdings, Inc., on a consolidated basis, reported total assets of $924.6 million, total deposits of $747.3 million, and total equity capital of $94.3 million. Upon completion of this acquisition and the pending acquisitions of Collin Bank and Live Oak Financial Corp., Independent Bank Group, which trades on the Nasdaq under the IBTX symbol, would have total assets of approximately $3.2 billion. Bank of Houston has six full-service locations in the Houston area. “The acquisition of BOH Holdings marks our entry into the dynamic Houston market and, as a result, Independent Bank now has a significant presence in three of the nation’s strongest markets: Dallas, Austin, and Houston,” said David R. Brooks, Independent Bank chairman and CEO. Independent Bank Group was advised in this transaction by Sterne, Agee & Leach Inc. as financial advisor and Haynie Rake Repass & Lowry PC as legal counsel. BOH Holdings was advised by Sandler + O’Neill Partners L.P. as financial advisor and Bracewell & Giuliani as legal counsel.  

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Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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