Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Independent Bank Group To Acquire Collin Bank - Quick Facts

RELATED NEWS
Trade IBTX now with 

Independent Bank Group Inc. (IBTX: Quote), the holding company for Independent Bank, announced that it has entered into a definitive agreement to acquire Collin Bank, Plano, Texas, a Texas state chartered bank with total assets of $204.1 million, total deposits of $161.9 million, and total equity capital of $25.8 million at March 31, 2013. Collin Bank is a full service commercial bank with one office located on the Dallas North Tollway.

As per the terms of the definitive agreement, Collin Bank shareholders will receive approximately $10.00 per share for each outstanding share of Collin Bank common stock. Approximately 65% of the consideration is payable in cash and 35% is payable in shares of Independent Bank Group common stock, subject to a maximum issuance of 300,000 Independent Bank Group shares and other related adjustments, with the exchange ratio set three days prior to the closing by utilizing the average share price of IBG common stock over a twenty day trading period.

Based on the number of shares of Collin Bank stock currently outstanding, the amount of total consideration to be paid by Independent Bank Group is currently valued at approximately $29.1 million. Independent Bank Group anticipates that the acquisition will be accretive to earnings per share immediately and slightly accretive to tangible book value at closing.

The merger has been approved by the Boards of Directors of both companies and is expected to close during the fourth quarter of 2013, although delays may occur.

The transaction is subject to certain conditions, including the approval by Collin Bank's shareholders and customary regulatory approvals. Operational integration is anticipated to begin during the first quarter of 2014.

Register
To receive FREE breaking news email alerts for Independent Bank Group Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
U.K. inflation slowed marginally as expected in August on falls in prices of motor fuels and food, data from the Office for National Statistics revealed Tuesday. Factory-gate prices declined for the second straight month indicating benign inflationary pressures in the pipeline. Consumer prices rose 1.5 percent year-on-year in August, slower than the 1.6 percent rise in July. The United Nations Security Council has long been a bastion for men selected to represent their countries on what is considered to be the Organization's most powerful body. But now, women ambassadors are occupying more than one third of the Council's 15 seats, making history with record representation of the gender. "It's a little strange that it's taken us this long," according to Ambassador Syl Yukiya Amano, Director General of the International Atomic Energy Agency (IAEA), said Monday that nuclear programs of the Democratic People's Republic of Korea (DPRK) and Iran remain matters of serious concern. The head of the United Nations nuclear watchdog made the remarks at the opening of the...
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.