Independent Bank, Texas Capital to Merge in Deal Valued at $5.5 Billion
McKINNEY, TX - Two of the biggest banks in North Texas plan to join forces in an all-stock merger valued at $5.5 billion. According to a press release announcing the merger, Independent Bank and Texas Capital Bank will have a combined $48 billion in assets and $39 billion in deposits, making it one of the largest Texas-headquartered banks by Texas deposits.
The deal, which is expected to close in mid-2020, was unanimously approved by the boards of directors from both companies.
“Combining Independent Bank Group and Texas Capital is the logical next step for both companies," said David R. Brooks, Independent Bank Group Chairman and CEO. "This combination with Texas Capital is a singular opportunity to significantly diversify our customer base, business lines and loan concentrations, enabling us to accelerate our growth and enhance our financial flexibility for continued strategic investments."
The combined company will be named Independent Bank Group and will be headquartered in McKinney.