Independent Bank Group has signed a definitive agreement to take over Grand Bank, Dallas, Texas, for $80.1m.
Under the deal terms, Independent Bank Group will pay $24.1m in cash and 1,279,532 shares of Independent Bank Group common stock as merger consideration.
The deal will add almost $4.9bn in assets to Independent Bank Group’s portfolio.
The merger, scheduled to close during the fourth quarter of 2015, has received the go-ahead from the boards of directors of both parties.
The deal is now subject to certain conditions, which include nod of Grand Bank shareholders and customary regulatory approvals.
Grand Bank operates with two full service locations in North Dallas and the Park Cities areas of the Dallas metropolitan area. The firm managed $608.6m in total assets, $507.1m in total deposits, and $41.6m in total equity capital as of 30 June 2015.
Commenting on the acquisition, Independent Bank Group chairman and CEO David Brooks said: "We are pleased to announce our first acquisition in 2015. Grand Bank has a demonstrated history of growth, a strong credit culture, a conservative management team, and an attractive deposit base.
"Grand Bank also has a strong track record of providing exceptional service to its private banking and entrepreneurial owner managed business clientele which, together with locations in the North Dallas and Preston Center areas of Dallas, will enhance our ability to serve this market segment. We are delighted to welcome Grand Bank’s clients, shareholders, and employees to Independent Bank."