Independent in Texas to shutter branches as part of Guaranty acquisition
Independent Bank Group in McKinney, Texas, is paring back its branch network.
The $13.8 billion-asset company said in a press release Thursday that it will close 12 branches. Eight of the branches are in Colorado and the rest are in Texas.
“By streamlining our presence, we increase our ability to give back and channel our resources,” David Brooks, Independent's chairman, president and CEO, said in the release. “The bank will continue to deepen relationships, while being as efficient as possible in serving our customers.”
The move is consistent with Independent's past dealings in Colorado.
The company, which entered the Centennial State in April 2017 with its acquisition of Carlile Bancshares, sold half of the 18 branches it gained in that deal to Triumph Bancorp. Its network expanded again in January, when it gained 32 branches from its purchase of Guaranty Bancorp in Denver.
Brooks told analysts during a recent earnings conference call that his team was in a position to start cutting costs tied to the Guaranty acquisition.
Eleven branches will close after May 19. A branch in Castle Rock, Colo., will remain open through the end of this year.