Triumph Bancorp in Dallas is buying nine branches in Colorado from Independent Bank Group in McKinney, Texas.
The deal, announced Friday, would increase the number of branches Triumph operates to 46 in five states. Four of the nine branches it is buying are in east Colorado and five are north of Denver.
The deal “enhances our retail footprint [and] improves our core deposit base,” Triumph CEO and Vice Chairman Aaron Graft said in a news release.
Triumph, the parent of the $2.6 billion-asset TBK Bank, would assume roughly $168 million of deposits and $100 million of loans in the deal, which is expected to close in the fourth quarter. Triumph said it would pay a deposit premium of about $7 million, or 4.17%, for the branches, though the actual price will be based on a 30-day-average deposit balance at the time the transaction closes.
For the $8.3 billion-asset Independent, the sale is aimed at improving efficiency in Colorado, said David R. Brooks, Independent’s chairman and CEO.
The nine branches it is selling are among the 42 Independent inherited when it acquired the $2.3 billion-asset Carlile Bancshares in Denton, Texas, earlier this year. Independent would continue to serve its Colorado customers in the nine branches it is retaining in the state, the company said.