-
ViewPoint Financial Group in Plano, Texas, has pushed back the expected closing date for its purchase of LegacyTexas Group, citing a lengthy regulatory approval process.
June 18 -
ViewPoint Financial Group is acquiring LegacyTexas in hopes of creating a large community bank solely focused on the greater Dallas-Fort Worth metropolitan area, bucking a 2013 trend in Texas and across the country of using M&A to enter complementary markets.
December 3
Regulatory delays have forced ViewPoint Financial in Plano, Texas, and LegacyTexas Group in Plano to push back the closing date for their planned merger a second time.
The companies said in a press release Friday that they amended their merger agreement to expire on Dec. 31. Another amendment allows ViewPoint and LegacyTexas to close the deal within five days after receiving all regulatory approvals.
More time is needed to obtain regulatory approvals, the companies said. The merger is expected to create a company with assets of more than $5 billion.
"We are working very hard to complete the merger, and are totally committed to creating, together, the premier Dallas-Fort Worth commercial banking franchise," ViewPoint President and Chief Executive Kevin Hanigan said in the release. "Our integration efforts are progressing very well, and we are pleased with the continued strong 2014 performance of both LegacyTexas and ViewPoint."
The deal was
