We are very pleased with the opportunity to add the I Bank Texas banking locations and staff to the Independent Bank family. The I Bank Texas footprint complements Independent Bank’s growing coverage of Texas and specifically the Austin area.
McKinney, Texas (PRWEB) January 06, 2012
Independent Bank Group, the McKinney-based holding company for Independent Bank, announced Dec. 28 that a definitive agreement has been reached to acquire I Bank Texas, an Austin area local bank.
I Bank Texas is a privately-held local bank with locations in Lakeway and Georgetown with combined assets of approximately $160 million.
David Brooks, Chairman and CEO of Independent Bank Group said, “We are very pleased with the opportunity to add the I Bank Texas banking locations and staff to the Independent Bank family. The I Bank Texas footprint complements Independent Bank’s growing coverage of Texas and specifically the Austin area.”
Brooks continued, “This merger will enable I Bank Texas customers to continue their relationships with local bankers they have come to know and trust, while providing access to an expanded array of financial services, increased loan limits, local decision-making, expanded financing capabilities for consumers and businesses and exceptional mortgage services.”
Denny W. Buchanan, President and CEO of I Bank Texas said, “We are delighted to become part of such a great organization, which shares our culture and commitment to serving customers with first-class service and quick loan decisions. I couldn’t be more excited about joining Independent Bank, which is also a local Texas bank, and look forward to offering expanded services and branches to our customers.”
Sheshunoff & Co. Investment Banking represented I Bank in the transaction, which is expected to close by March 31, 2012, pending regulatory and shareholder approval. The agreement has been approved by both boards of directors.
The transaction will bring Independent Bank Group’s aggregate holdings to 28 banking locations and a full-service mortgage company with over 300 employees and assets of approximately $1.4 billion.
Additional information about Independent Bank is available at independent-bank.com or by calling 972.562.9004. Additional information about I Bank Texas is available at ibanktexas.com or by calling 512-261-3355.
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