Independent Bank Group acquires Grand Bank

What are the details?

Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for Independent Bank, today announced the completion of the acquisition of Grand Bank, Dallas, Texas. As of June 30, 2015, Grand Bank reported total assets of $608.6 million, total deposits of $507.1 million, and total equity capital of $41.6 million. Grand Bank is a full service commercial bank with two offices in the Dallas area. As part of the transaction, Grand Bank was merged into Independent Bank.

Under the terms of the definitive agreement, Independent Bank Group issued 1,279,532 shares of Independent Bank Group common stock and paid $24.1 million in cash as consideration for all of the outstanding securities of Grand Bank.

Independent Bank Group, through its wholly owned subsidiary, Independent Bank, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Independent Bank Group operates 42 banking offices in three market regions located in the Dallas/Fort Worth, Austin and Houston, Texas areas.

In connection with the acquisition of Grand Bank, Independent Bank Group filed with the Securities and Exchange Commission registration statements on Form S-4 to register the shares of Independent Bank Group’s common stock issued to the shareholders of Grand Bank. The registration statement includes a proxy statement/prospectus which was sent to the shareholders of Grand Bank seeking their approval of the transaction.

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