Independent Bank to Sell Nine Colorado Branches
June 23 2017 - 5:17PM
Independent Bank Group, Inc. (NASDAQ:IBTX), the holding company for
Independent Bank, today announced that Independent Bank has signed
a definitive agreement to sell nine locations in Colorado to TBK
Bank, SSB, a subsidiary of Triumph Bancorp, Inc. (NASDAQ:TBK).
Of the nine branches, four are located in eastern Colorado
(Akron, Otis, Sterling, and Yuma) and five are located north of
Denver (Evans, Firestone, Johnstown, Longmont, and Milliken). These
branches were acquired by Independent Bank as part of Independent
Bank Group’s acquisition of Carlile Bancshares, Inc. and its
subsidiary, Northstar Bank, which closed in April 2017.
In the transaction, TBK Bank will purchase approximately $100
million in loans and assume approximately $168 million in deposits
associated with the branches for an estimated deposit premium of $7
million, or 4.17%. The actual premium will be based on a 30-day
average of deposit balances at the time the transaction closes.
Independent Bank Group Chairman and CEO David R. Brooks stated,
“This transaction sharpens our focus on the Colorado Front Range
along I-25 through Denver, Colorado Springs and Fort Collins and
improves the efficiency of our Colorado operations. We remain
committed to the markets served by our nine remaining Colorado
locations and, under the leadership of Colorado Market CEO Mark
White, we will continue our efforts to serve these areas and expand
our presence in these markets.”
The transaction is expected to close during the fourth quarter
of 2017 and is subject to certain closing conditions, receipt of
regulatory approval, and other customary closing
conditions.
Independent Bank was advised in the transaction by Haynie, Rake,
Repass & Klimko, P.C. as legal counsel. Wachtell, Lipton, Rosen
& Katz acted as legal counsel to Triumph Bancorp, Inc.
About Independent Bank Group
Independent Bank Group, Inc., through its wholly owned
subsidiary, Independent Bank, provides a wide range of
relationship-driven commercial banking products and services
tailored to meet the needs of businesses, professionals and
individuals from banking offices located throughout Texas,
including the Dallas/Fort Worth, Austin and Houston areas, as well
as in Colorado. For more information, please visit Independent Bank
Group’s website at www.ibtx.com.
Contacts:
Analysts/Investors:
Michelle Hickox
Executive Vice President and Chief Financial Officer
(972) 562-9004
mhickox@ibtx.com
Media:
Peggy Smolen
Marketing & Communications Director
(972) 562-9004
psmolen@ibtx.com
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