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Independent Bank Group has agreed to buy Collin Bank, the first acquisition for Independent since it raised $87 million in an April initial public offering.
July 19 -
Independent Bank Group in McKinney, Texas, was already a busy buyer. Now with nearly $90 million of fresh equity and a valuable stock, the bank is looking to more than double its size over the next five years.
May 7 -
Shares of Independent Bank Group (IBTX) in McKinney, Texas, rose nearly 13% during their first day of trading.
April 3
Independent Bank Group (IBTX) in McKinney, Texas, has agreed to buy Live Oak Financial Corp. in Dallas.
Independent will pay $20 million for the $123 million-asset Live Oak, the companies announced late Thursday. Half of the consideration will involve cash and the rest will consist of roughly 293,000 shares of common stock. Independent said it expected the acquisition to immediately increase earnings per share; it should take less than two years for the company to earn back the dilution associated with the deal.
"We are pleased to announce our second transaction in 2013, continuing our planned expansion through the acquisition of quality banks that complement our existing locations," David Brooks, Independents chairman and chief executive, said in a press release. "The acquisition of Live Oak State Bank adds to our presence in the Dallas market."
The $1.9 billion-asset Independent has been looking for acquisitions as part of a strategy to reach $5 billion in assets in the next five years, Brooks
Live Oak has one branch in Dallas and $104 million in deposits. The deal is expected to close in the fourth quarter.
Independent was advised by Sandler and ONeill and Haynie Rake Repass & Lowry. Live Oak was advised by Sheshunoff and Hunton & Williams.
