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Independent Bank Group in McKinney, Texas, was already a busy buyer. Now with nearly $90 million of fresh equity and a valuable stock, the bank is looking to more than double its size over the next five years.
May 7 -
Continuing to bulk up in Texas through bite-sized deals, Independent Bank Group Inc. in McKinney said this week that it is buying the $155 million-asset I Bank Texas in Austin.
December 29
Independent Bank Group (IBTX) in McKinney, Texas, has agreed to buy Collin Bank in Plano, Texas.
Independent will pay about $29.1 million in cash and stock, or $10 a share, for the $204.1 million-asset Collin Bank. Independent said in a press release Friday that the deal should add to its earnings per share immediately and be slightly accretive to tangible book value at closing.
"We are pleased to announce the
Independent, which has a
"We view this as an opportunity to become part of a larger community bank that affords our customers additional products, a larger branch network, and the financial strength of a proven independent banking organization," Martin Adler, Collin Bank's chairman, said in the release.
Independent was advised by Sandler O'Neill and Haynie Rake Repass & Lowry. Collin Bank was advised by Commerce Street Capital and Patton Boggs.