Business
Texas Capital Bancshares and Independent Bank Group to Combine in Merger of Equals to Create the Premier, Texas-Based Super Regional Bank with the Enhanced Scale and Resources to Serve Clients Nationally
Combined Company Will Be a High Performance, Growth-Oriented Financial Institution with Approximately $48 Billion in Assets Financially Compelling Combination
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"Combined Company Will Be a High Performance, Growth-Oriented Financial Institution with Approximately $48 Billion in Assets\n Financially Compelling Combination for Both Companies’ Shareholders with Anticipated Synergies; Expected to Be Meaningfully Accretive to Both TBVPS and EPS in the First Full Year Following Close Provides Extensive and Diversified Client Service Offering with Complementary Corporate Banking Business and Well Positioned Branch Network in Texas and Colorado Bolsters Core Deposits and Provides Granular Deposit Base Increasing Stability and Flexibility Leverages Scale, Powerful Technology and Compliance Infrastructure and Strongly Aligned Cultures to Drive Efficiencies, Better Manage Risk and Further Enhance the Client Experience DALLAS and MCKINNEY, Texas, Dec. 09, 2019 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI) (“Texas Capital”), the parent company of Texas Capital Bank, and Independent Bank Group, Inc. (NASDAQ: IBTX) (“Independent Bank Group”), the holding company for Independent Bank, today announced that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals with a total market value of approximately $5.5 billion to create the premier, Texas-based super regional bank. The name of the combined holding company will be Independent Bank Group and the name of the combined bank will be Texas Capital. Retail locations in Colorado will continue to operate and retain the Independent Financial branding. The corporate headquarters of the combined company will be located in McKinney, Texas. The combined company will trade under the Independent Bank Group ticker symbol \"IBTX\" on The Nasdaq Stock Market. Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, Texas Capital shareholders will receive 1.0311 shares of Independent Bank Group for each Texas Capital share they own. Former Texas Capital shareholders will own 55% and Independent Bank Group shareholders will own 45% of the combined company. Upon consummation of the transaction, the combined company expects to offer an annualized dividend on its common stock of $1.00 per share, subject to approval by the Board of Directors. The merger combines two relationship-driven, client-focused and founder-led institutions wit...