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ViewPoint Financial (VPFG) in Plano, Texas, has agreed to buy LegacyTexas Group in Plano.
November 26 -
Bank mergers of equals are on the rise, but buyers are giving up their brands to make them happen.
December 5 -
LegacyTexas Bank is majority-owned by the family of Carroll Shelby, who famously partnered with Ford Motor Co. to produce the Shelby Mustang muscle car. LegacyTexas has agreed to merge with another bank, but the family will remain involved.
December 5 -
ViewPoint Bank in Plano, Texas, has hired Chris Parada to lead its newly formed energy-finance division, which will provide senior debt financing to oil and gas companies throughout the country
May 30
ViewPoint Financial is on the verge of finalizing its $300 million acquisition of LegacyTexas Group, a deal that was delayed two times.
Regulators on Wednesday approved the merger of the Plano, Texas banks, which is expected to create a company with assets of more than $5 billion. The transaction is expected to be completed before the end of this year, according to a
"Today marks an important milestone in a partnership that creates one of the premier banking organization in Texas," said George Fisk, chief executive of LegacyTexas, in a Wednesday press release.
The deal was
Then the banks
Once the merger is completed, ViewPoint will be known as LegacyTexas and begin trading under the ticker symbol LTXB. The banking subsidiary will be known as LegacyTexas Bank, with branch and branding integration planned for next February.
"Our integration plan is on target, and we look forward to being recognized as the leading community bank serving businesses and families in the Dallas-Fort Worth area," said ViewPoint President and Chief Executive Kevin Hanigan in the release.
