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.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
An administrative law judge has ruled that Minnesota regulators should approve Enbridge Inc.'s proposal to replace its aging Line 3 crude oil pipeline only if the company follows the existing route and not its preferred route. Enbridge has applied to replace its Line 3 pipeline from Alberta with new pipe along its existing route. In Minnesota, the planned route deviates from the existing route. CLICK HERE to see America's 10 Best-Selling Drugs Despite high drug costs, most of the top-selling drugs saw sales gains in 2017 compared to the prior year. A large number of the best-selling drugs are primarily for the treatment and management of cancer, diabetes, inflammatory disorders, and HIV... Most Americans have access to health care, though costs and services vary from state to state. However, higher costs do not necessarily translate into better results. The U.S. continues to be outperformed by other wealthy nations on several measures like life expectancy, disease burden and health...
Follow RTT