Independent Bank Group in McKinney, Texas, has agreed to buy Carlile Bancshares in Fort Worth, Texas.
The $5.7 billion-asset Independent said in a press release Monday that it will pay $434 million, or $47.40 a share, for the $2.3 billion-asset parent of Northstar Bank. The all-stock deal, which is expected to close in the second quarter, values Carlile at 213% of its tangible book value.
The deal is the ninth-biggest bank merger of 2016, in terms of total value, based on data from S&P Global Market Intelligence.
Carlile, formed in 2009, built its operations with six bank acquisitions. Its bank has 42 branches, including 18 locations in Colorado. It also has $1.5 billion in loans and $1.9 billion in deposits.
Independent also agreed to raise $21 million by selling 400,000 shares of common stock to institutional investors at $52.50 each.
The deal is expected to be 3.8% accretive to Independent's 2017 earnings per share, taking into account merger-related charges and the stock offering. The deal is also expected to be 1.6% accretive to Independent's tangible book value.
Independent was advised by Stephens Inc., Haynie Rake Repass & Klimko and Andrews Kurth Kenyon. Carlile was advised by Sandler O'Neill and Fenimore, Kay, Harrison & Ford.