PLANO, Texas, Aug. 29, 2014 /PRNewswire/ -- ViewPoint Financial
Group, Inc. ("ViewPoint") (NASDAQ: VPFG) and LegacyTexas Group,
Inc. ("LegacyTexas") announced today that additional time will be
required to obtain regulatory approvals and to satisfy customary
closing conditions necessary to complete their merger, and have
amended their merger agreement to extend the agreement to
December 31, 2014. Also, the
amended merger agreement provides that the closing date of the
merger shall take place within five days after receipt of all
regulatory approvals, including applicable waiting periods, as well
as allows LegacyTexas to make up to two additional distributions to
its shareholders prior to the effective date of the merger. The
merger will result in one of the largest independent banks in the
state of Texas, with 51 branches
and pro forma assets of over $5
billion.
"We are working very hard to complete the merger, and are
totally committed to creating, together, the premier Dallas-Fort Worth commercial banking
franchise," said ViewPoint President and CEO Kevin Hanigan. "Our integration efforts are
progressing very well, and we are pleased with the continued strong
2014 performance of both LegacyTexas and ViewPoint."
George Fisk, CEO and vice
chairman of LegacyTexas, who will join the Boards of Directors of
both ViewPoint and its banking subsidiary at closing, stated, "We
look forward to bringing these great companies together, realizing
key operational synergies, and increasing the combined bank's
ability to help grow area businesses and support our
communities."
As previously announced, the merger has been unanimously
approved by the boards of directors of both companies, and by the
shareholders of LegacyTexas.
About ViewPoint Financial Group, Inc.
ViewPoint Financial Group, Inc. is the holding company for
ViewPoint Bank, N.A. ViewPoint Bank, N.A. operates 31 banking
offices in the Dallas/Fort Worth
metropolitan area, including two First National Bank of
Jacksboro locations in Jack and
Wise Counties. For more information, please visit
www.viewpointbank.com or www.viewpointfinancialgroup.com.
About LegacyTexas Group, Inc.
LegacyTexas Group, Inc. is the holding company for LegacyTexas
Bank, headquartered in Plano,
Texas. LegacyTexas Bank operates 20 branches in the
Dallas/Fort Worth metropolitan
area. Additionally, LegacyTexas Bank operates insurance and title
company businesses. For more information, please visit
www.legacytexasbank.com.
When used in filings by ViewPoint Financial Group, Inc.
("ViewPoint") with the Securities and Exchange Commission (the
"SEC") in ViewPoint's press releases or other public or shareholder
communications, and in oral statements made with the approval of an
authorized executive officer, the words or phrases "will likely
result," "are expected to," "will continue," "is anticipated,"
"estimate," "project," "intends" or similar expressions are
intended to identify "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of
1995. Such statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from historical earnings and those presently anticipated or
projected, including, among other things: the expected cost
savings, synergies and other financial benefits from the
ViewPoint-LegacyTexas merger (the "Merger") might not be realized
within the expected time frames or at all and costs or difficulties
relating to integration matters might be greater than expected; the
requisite regulatory approvals might not be obtained or other
conditions to completion of the merger set forth in the merger
agreement might not be satisfied or waived; changes in economic
conditions; legislative changes; changes in policies by regulatory
agencies; fluctuations in interest rates; the risks of lending and
investing activities, including changes in the level and direction
of loan delinquencies and write-offs and changes in estimates of
the adequacy of the allowance for loan losses; ViewPoint's ability
to access cost-effective funding; fluctuations in real estate
values and both residential and commercial real estate market
conditions; demand for loans and deposits in ViewPoint's market
area; the industry-wide decline in mortgage production;
competition; changes in management's business strategies and other
factors set forth in ViewPoint's filings with the SEC.
ViewPoint does not undertake - and specifically declines any
obligation - to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
This communication does not constitute an offer to sell or
the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. ViewPoint has filed
with the SEC a registration statement on Form S-4, which was
declared effective by the SEC on April
9, 2014. The registration statement includes a proxy
statement/prospectus, which was mailed in definitive form to the
shareholders of LegacyTexas on April
15, 2014. INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN
CONNECTION WITH THE MERGER BECAUSE THEY CONTAIN, OR WILL CONTAIN,
IMPORTANT INFORMATION ABOUT LEGACYTEXAS, VIEWPOINT AND THE
MERGER. Investors may obtain these documents free of charge
at the SEC's website (www.sec.gov). In addition, documents
filed with the SEC by ViewPoint are available free of charge by
accessing ViewPoint's website (www.viewpointfinancialgroup.com,
under "SEC Filings") or by contacting Casey
Farrell at (972) 801-5871.
SOURCE ViewPoint Financial Group, Inc.