ViewPoint Pushes Bank LegacyTexas Closing Date

By Kristin Broughton June 18, 2014, 2:09 p.m. EDT 1 Min Read

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ViewPoint Financial Group (VPFB) in Plano, Texas, has pushed back the expected closing date for its purchase of LegacyTexas Group in Plano.

The $3.6 billion-asset ViewPoint disclosed in a regulatory filing that it expects completion of the deal, originally set for the second quarter, to take place by Aug. 31. The company, much like First Financial Bancorp (FFBC) in Cincinnati last week, said the delay is largely due to a lengthy regulatory approval process.

"Our preparations for integration are moving forward, and we are making excellent progress towards the goal of building the premier Dallas-Fort Worth commercial banking franchise," Kevin Hanigan, ViewPoint's chief executive, said in a press release included in the filing.

ViewPoint agreed to buy the $1.8 billion-asset LegacyTexas in November. The acquisition will create one of the largest regional banks in the Dallas-Fort Worth metropolitan area, with 51 branches.

Kristin Broughton

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