Two private-equity firms sell shares in Texas bank
Two private-equity firms have sold shares in Independent Bank Group in McKinney, Texas.
Lee Equity Partners sold 450,000 shares of common stock, while two funds tied to Stone Point Capital completely cashed out of Independent, the $8.7 billion-asset banking company said in a Friday press release.
Independent consented to the trades, waiving provisions of lock-up agreements tied to its purchase of Carlile Bancshares. Independent acquired Carlile last year for $434 million. The private-equity firms had invested in Carlile in 2012.
David Brooks, Independent’s chairman and CEO, said his company was aware that the private-equity firms would pursue an exit.
Christopher Doody, who joined Independent’s board because of a director nominee agreement between Independent and Stone Point, resigned as a result of the sale.