Veritex Holdings in Dallas has agreed to buy Liberty Bancshares in Fort Worth, Texas.
The $1.5 billion-asset Veritex said in a press release Tuesday that it will pay about $64 million in cash and stock for the $459 million-asset Liberty. The deal is expected to close by early next year.
Liberty has five branches and $389 million in deposits.
The acquisition “extends our franchise throughout Fort Worth and the surrounding Tarrant County market,” Malcolm Holland, Veritex’s chairman and CEO, said in the release. “Liberty Bank's culture and community atmosphere are a perfect fit.”
Veritex was advised by Stephens and Norton Rose Fulbright. Liberty was advised by Sheshunoff & Co. and Haynie Rake Repass & Klimko. Performance Trust Capital Partners rendered a fairness opinion to Liberty.
Separately, Veritex said it plans to raise about $52 million by selling nearing 2 million shares of common stock. Part of the proceeds will be used to fund the Liberty deal.
Veritex just completed its purchase of the $1 billion-asset Sovereign Bancshares in Dallas.