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The merger has been approved by the boards of directors of both companies and is expected to close during the fourth quarter of 2013. Operational integration is anticipated to begin during the first quarter of 2014. The acquisition is the first for Independent Bank Group since its IPO earlier this year.
Collin Bank shareholders will receive approximately
$10.00 per share for each outstanding share of
Collin Bank common stock. Approximately 65 percent of the consideration is payable in cash and 35 percent is payable in shares of Independent Bank Group common stock, subject to certain adjustments.
David Teeples of
Patton Boggs'Dallas office and
Jonathan Pavony of the firm's
Washington office headed the Patton Boggs team. Both are members of the firm's Banking and Financial Services and M&A practice groups.
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