Independent Bank Group (IBTX) in McKinney, Texas, has agreed to buy Houston City Bancshares.

Independent said in a press release late Monday that it will pay about $48 million, or $86.96 a share, in cash and stock for the $323 million-asset Houston City. The $2.6 billion-asset Independent said it expects the acquisition to be immediately accretive to earnings per share and slightly dilutive to tangible book value at closing.

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