Independent Bank Group in McKinney, Texas, has agreed to buy Grand Bank in Dallas for $80.1 million.
The $4.3 billion-asset Independent agreed to pay $24.1 million in cash and the rest in stock, with the number of shares issued to be determined by Independent's share price at a later date. The companies expect the deal to close in the fourth quarter.
The $609 million-asset Grand, which was founded in 2002, operates two branches in the Dallas area.
Stephens Inc. was the financial adviser to Independent and Haynie Rake Repass & Klimko was its legal counsel. Hovde Group advised Grand and Larry Temple was the seller's legal counsel.
Separately, Independent last week secured a revolving credit agreement of up to $50 million from U.S. Bancorp and Cullen/Frost Bankers. Independent plans to use the proceeds as a backup source of liquidity, for funding and for flexibility to support future growth.