The deal, first reported Wednesday by the Austin Business Journal, would be Independent's third since mid-2010, according to the Federal Deposit Insurance Corp. In July 2010 it bought the $35 million-asset Town Center Bank in Coppell, Tex., and two months later it acquired the $95 million-asset First Bank in Farmersville.
Independent operates primarily in the Dallas area and its deal for the six-year-old I Bank would strengthen its presence in the Austin market, where it has four branches. The addition of I Bank's branches in Austin and Georgetown would give Independent Bank a total of 29 branches in seven counties stretching across the Lone Star State.
Independent did not reveal how much it would pay for I Bank, which earned $1.8 million in the first nine months of this year and had a return on equity of 12.28%, according to FDIC data. The sale is expected to close in March.
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