ViewPoint Financial is on the verge of finalizing its $300 million acquisition of LegacyTexas Group, a deal that was delayed two times.
Regulators on Wednesday approved the merger of the Plano, Texas banks, which is expected to create a company with assets of more than $5 billion. The transaction is expected to be completed before the end of this year, according to a regulatory filing.
"Today marks an important milestone in a partnership that creates one of the premier banking organization in Texas," said George Fisk, chief executive of LegacyTexas, in a Wednesday press release.
Then the banks delayed the transaction again in late August to amend the merger agreement to expire on Dec. 31. Another amendment allows ViewPoint and LegacyTexas to close the deal within five days after receiving all regulatory approvals.
Once the merger is completed, ViewPoint will be known as LegacyTexas and begin trading under the ticker symbol LTXB. The banking subsidiary will be known as LegacyTexas Bank, with branch and branding integration planned for next February.
"Our integration plan is on target, and we look forward to being recognized as the leading community bank serving businesses and families in the Dallas-Fort Worth area," said ViewPoint President and Chief Executive Kevin Hanigan in the release.