Veritex Community Bank’s parent company Veritex Holdings has completed the acquisition of North Avenue Capital (NAC) for a cash consideration of $57.5m.

Under the terms of the agreement, three years after the completion of the deal, NAC will be eligible to receive an additional $5m in cash, which is subject to certain conditions.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The acquired firm will operate as a wholly-owned subsidiary of Veritex Community Bank but will retain its brand and existing office space.

Through the deal, Veritex Community Bank seeks to strengthen its presence in the United States Department of Agriculture (USDA) Business and Industry (B&I) lending market.

Additionally, the acquisition is part of the lender’s strategy to diversify revenue streams, provide gain on sale and loan servicing fees.

Texas-based Veritex Community Bank plans to leverage NAC’s loan sourcing technology to further develop its product offerings and services.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Veritex chairman and CEO Malcolm Holland said: “We are very excited to complete the acquisition of NAC. We have been interested in expanding our existing presence in the USDA lending space for a while now and we have been impressed by what we have learned about NAC and its people.

“This transaction provides us the opportunity to become the top player in the USDA B&I lending space and we look forward to working with the NAC team moving forward.”

Recently, Ando, which is also based in the US, raised $6m in a seed funding round led by TTV Capital.

Founded in 2021, Ando offers sustainable banking services.