McKINNEY, Texas, July 19, 2013 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for Independent Bank, today announced that Independent Bank Group has entered into a definitive agreement to acquire Collin Bank, Plano, Texas ("Collin Bank"), a Texas state chartered bank with total assets of $204.1 million, total deposits of $161.9 million, and total equity capital of $25.8 million at March 31, 2013. Collin Bank is a full service commercial bank with one office located on the Dallas North Tollway.
Independent Bank Group Chairman and Chief Executive Officer David R. Brooks stated, "We are pleased to announce the first acquisition following our initial public offering. Acquisitions within our existing markets are a component of our growth strategy. The acquisition of Collin Bank adds to our presence in Collin County, one of the most affluent counties in Texas. Collin Bank has a proven record of loan growth in this marketplace with a good deposit base. Additionally, the acquisition will provide us with a prominent location on the Dallas North Tollway, which will allow us to consolidate our current Plano office and lending team with the Collin Bank location and lenders to serve as a platform to grow additional loans and deposits in our Dallas/North Texas Region."
Mr. Brooks continued, "We are excited about this opportunity for our company and our shareholders, customers and employees. Collin Bank customers can expect to continue to receive the same level of service that they are accustomed to at Collin Bank, with the added advantage of the Independent Bank Group resources.""We are pleased to be joining a successful and community-oriented bank group that understands the importance of our customers," said Martin P. Adler, Chairman of the Board of Collin Bank. "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."