Independent Bank Group, the McKinney-based holdingcompany for Independent Bank, announced today that a definitive agreement has been reachedto acquire I Bank Texas, an Austin area local bank.
I Bank Texas is a privately-held local bank with locations in Lakeway and Georgetownwith combined assets of approximately $160 million.
David Brooks, Chairman and CEO of Independent Bank Group said, “We are very pleasedwith the opportunity to add the I Bank Texas banking locations and staff to the IndependentBank family. The I Bank Texas footprint compliments Independent Bank’s growing coverage ofTexas and specifically the Austin area.”Brooks continued, “This merger will enable I Bank Texas customers to continue theirrelationships with local bankers they have come to know and trust, while providing access to anexpanded array of financial services, increased loan limits, local decision-making, expandedfinancing capabilities for consumers and businesses and exceptional mortgage services.”
Denny W. Buchanan, President and CEO of I Bank Texas said, “We are delighted tobecome part of such a great organization, which shares our culture and commitment to servingcustomers with first-class service and quick loan decisions. I couldn’t be more excited about joining Independent Bank, which is also a local Texas bank, and look forward to offeringexpanded services and branches to our customers.”
Sheshunoff & Co. Investment Banking represented I Bank in the transaction, which isexpected to close by March 31, 2012 pending regulatory and shareholder approval. Theagreement has been approved by both boards of directors.
The transaction will bring Independent Bank Group’s aggregate holdings to 28 bankinglocations and a full-service mortgage company with over 300 employees and assets ofapproximately $1.4 billion.
Additional information about Independent Bank is available at independent-bank.com or by calling 972.562.9004. Additional information about I Bank Texas is available at ibanktexas.com or by calling 512-261-3355.