Independent Bank of Austin said Tuesday that it has changed its legal name to I Bank Texas.

The $156.8 million-asset company, which is based in Lakeway, was created in 2005. A website was also developed to reflect the new name.

"Customers have long called us 'I Bank,' " said Denny Buchanan, the company's president and chief executive. "This change also alleviates some confusion with another bank in our marketplace with the similar old name."

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