logo
Plus   Neg
Share
Email

Independent Bank Group To Buy Integrity Bancshares In Cash, Stock Deal

Independent Bank Group, Inc. (IBTX), the holding company for Independent Bank, announced Tuesday that it has entered into a definitive agreement to acquire Integrity Bancshares, Inc. and its subsidiary, Integrity Bank SSB, Houston, Texas.

Under the deal terms, Independent Bank Group will issue 2.07 million of its shares and pay cash in the aggregate amount of $31.6 million to the shareholders and option holders of Integrity.

If Integrity's tangible equity is greater than $84 million at closing, Integrity will be permitted to pay a pre-closing cash distribution to its shareholders in an amount equal to any such excess. The cash portion of the merger consideration will be reduced on a dollar for dollar basis to the extent that Integrity's tangible equity is less than $84 million at closing.

The merger has been approved by the Boards of Directors of both companies. The deal is expected to close during the second quarter of 2018, although delays may occur.

The transaction is subject to certain conditions, including the approval by shareholders of Integrity, and customary regulatory approvals.

Integrity Bancshares, through Integrity Bank, operates four full service banking locations in the Houston metropolitan area. As of September 30, Integrity Bancshares, on a consolidated basis, reported total assets of $805 million, total deposits of $679 million, and total equity capital of $84 million.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Ford Motor Co. plans to launch an all-electric plugin version of its popular F-150 pickup truck. The announcement was made by Jim Farley, Ford's president of Global Markets, during a presentation at the Deutsche Bank Global Automotive Conference in Detroit. Ford's announcement comes as the auto industry transitions away from fossil fuel-powered transportation to electric vehicles. Logistics giant UPS' investment arm Strategic Enterprise fund made an equity investment in blockchain-for-business company Inxeption Corp. In a statement, Inxeption, an industrial-strength eCommerce platform built on Blockchain, said the investment will be used to create innovative new e-commerce solutions for B2B sellers and buyers. Children's clothing retailer Gymboree Group, Inc. has again filed for Chapter 11 bankruptcy protection, the second time in nearly two years. The company will close more than 800 Gymboree and Crazy 8 stores in the U.S. and Canada. The San Francisco-based retailer said that along with its U.S. subsidiaries, it has filed a petition in the U.S. Bankruptcy Court for the Eastern District of Virginia.
Follow RTT