Independent Bank Group (IBTX) in McKinney, Texas, has agreed to buy Collin Bank in Plano, Texas.
Independent will pay about $29.1 million in cash and stock, or $10 a share, for the $204.1 million-asset Collin Bank. Independent said in a press release Friday that the deal should add to its earnings per share immediately and be slightly accretive to tangible book value at closing.
"We are pleased to announce the first acquisition following our initial public offering," David Brooks, Independent's chairman and chief executive, said in the release. "Acquisitions within our existing markets are a component of our growth strategy. The acquisition of Collin Bank adds to our presence in Collin County, one of the most affluent counties in Texas."
Independent, which has a history of pursuing acquisitions, also plans to use the acquisition to originate more loans around Dallas and north Texas, Brooks said. The deal should close in the fourth quarter.
"We view this as an opportunity to become part of a larger community bank that affords our customers additional products, a larger branch network, and the financial strength of a proven independent banking organization," Martin Adler, Collin Bank's chairman, said in the release.
Independent was advised by Sandler O'Neill and Haynie Rake Repass & Lowry. Collin Bank was advised by Commerce Street Capital and Patton Boggs.