TBK Bank to Acquire 9 Branches from Independent Bank
June 23 2017 - 5:22PM
Triumph Bancorp, Inc. (NASDAQ:TBK) today announced that its banking
subsidiary, TBK Bank, SSB (“TBK Bank”) has signed a definitive
agreement to acquire 9 branch locations in Colorado from
Independent Bank Group, Inc.’s (NASDAQ:IBTX) banking subsidiary
Independent Bank. TBK Bank will purchase approximately $100 million
in loans and assume approximately $168 million in deposits
associated with the branches for an estimated aggregate 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.
“This acquisition enhances our retail footprint, improves our
core deposit base and complements the personnel announcements we
made on June 8, 2017,” said Aaron P. Graft, Vice Chairman and CEO
of Triumph Bancorp, Inc. “With this purchase, we expand our
footprint in our Western Division to 27 branches and bring our
total number of branches to 46. We are excited to welcome the
customers and staff of these branches to the TBK Bank team.”
The following is a list of the 9 branches included in the
acquisition by TBK Bank.
- 615 W 8th Avenue, Yuma, Colorado 80759
- 102 N Washington Street, Otis, Colorado 80743
- 122 W Main Street, Sterling, Colorado 80751
- 175 E First Street, Akron, Colorado 80720
- 10 Angrove Avenue, Johnstown, Colorado 80534
- 5855 Firestone Boulevard, Firestone, Colorado 80504
- 1300 Broad Street, Milliken, Colorado 80543
- 401 Coffman Street, Longmont, Colorado 80501
- 3650 35th Avenue, Evans, Colorado 80620
The branches were previously acquired in April 2017 by
Independent Bank Group as a part of its acquisition of Carlile
Bancshares, Inc. and its banking subsidiary Northstar Bank.
The transaction is expected to close during the fourth quarter
of 2017 and is subject to certain closing conditions, including
receipt of regulatory approval and other customary closing
conditions.
Triumph Bancorp, Inc. was advised in this transaction by
Wachtell, Lipton, Rosen & Katz as legal counsel. Haynie
Rake Repass & Klimko, P.C. acted as legal counsel to
Independent Bank Group, Inc.
ABOUT TRIUMPH BANCORP, INC.
Triumph Bancorp, Inc. (NASDAQ:TBK) is a financial holding
company headquartered in Dallas, Texas, with a diversified line of
community banking and commercial finance activities. Our bank
subsidiary, TBK Bank, SSB, is a Texas-state savings bank offering
commercial and consumer banking products focused on meeting client
needs in Texas, Colorado, Kansas, Iowa and Illinois. We also serve
a national client base through our commercial finance offering,
which includes factoring, equipment lending, asset based lending,
commercial insurance and premium finance solutions for independent
insurance agents.
Forward-Looking Statements
This Press Release may contain forward-looking statements within
the meaning of the federal securities laws. Investors are cautioned
that such statements, including statements with respect to the
expected benefits of the proposed transaction and the timing of the
proposed transaction, are predictions and that actual events or
results may differ materially. These forward-looking statements are
not guarantees of future results and are subject to factors that
could cause actual results to differ materially from those we may
expect, including, but not limited to: economic, political and
market conditions and fluctuations; competition; the possibility
that the expected benefits related to the proposed transaction may
not materialize as expected; the proposed transaction not being
timely completed, if completed at all; prior to the completion of
the proposed transaction, Independent Bank’s business experiencing
disruptions due to transaction-related uncertainty or other factors
making it more difficult to maintain relationships with employees,
customers, other business partners or governmental entities,
difficulty retaining key employees, and the parties being unable to
successfully implement integration strategies or to achieve
expected synergies and operating efficiencies within the expected
time-frames or at all; and other factors identified in our filings
with the Securities and Exchange Commission (the “SEC”). For a
discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see “Risk Factors” and the
forward-looking statement disclosure contained in Triumph’s Annual
Report on Form 10-K, filed with the SEC on February 17, 2017.
Forward-looking statements speak only as of the date made and
Triumph undertakes no duty to update such information.
Investor Relations:
Luke Wyse
Senior Vice President, Finance & Investor Relations
lwyse@tbkbank.com
214-365-6936
Media Contact:
Amanda Tavackoli
Vice President, Marketing & Communication
atavackoli@tbkbank.com
214-365-6930
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