TBK Bank to Acquire Nine Independent Bank Branches in Colorado, USA.
26 June 2017 - Texas, US-based state savings institution TBK Bank, SSB, a subsidiary of Triumph Bancorp, Inc. (NASDAQ TBK) has agreed to acquire nine Colorado, US branches of Texas, US-based Independent Bank, the company said.
Independent Bank is held by holding company Independent Bank Group, Inc. (NASDAQ: IBTX).
In the transaction, TBK Bank will purchase approximately USD 100m in loans and assume approximately USD 168m in deposits associated with the branches for an estimated deposit premium of USD 7m, or 4.17%.
The actual premium will be based on a 30-day average of deposit balances at the time the transaction closes.
This transaction is expected to close during 4Q17 and is subject to certain closing conditions, receipt of regulatory approval, and other customary closing conditions.
Independent Bank Group said the transaction improves the efficiency of its Colorado operations, which are served by nine remaining Colorado locations. The company said it will continue to expand its presence in these markets.
Independent Bank Group, Inc., through its wholly owned subsidiary, Independent Bank, provides commercial banking products and services tailored to meet the needs of businesses, professionals and individuals from banking offices located throughout Texas and in Colorado, US.
Independent Bank was advised in the transaction by Haynie, Rake, Repass and Klimko, P.C. as legal counsel. Wachtell, Lipton, Rosen and Katz acted as legal counsel to Triumph Bancorp, Inc.
Sector: Banking/Financial Services
Target: Independent Bank/ nine Colorado, US branches
Buyer: TBK Bank, SSB
Vendor: Independent Bank
Deal size in USD:
Type: Corporate Acquisition
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Jun 26, 2017|
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