McKINNEY, Texas, Aug. 22, 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 Live Oak Financial Corp. and its subsidiary, Live Oak State Bank, Dallas, Texas, a Texas state chartered bank with total assets of $122.9 million, total deposits of $103.9 million, and total equity capital of $13.9 million at June 30, 2013. Live Oak State Bank is a full service commercial bank with one office located in the Swiss Avenue/Lakewood area east of downtown Dallas.
Independent Bank Group Chairman and Chief Executive Officer David R. Brooks stated, "We are pleased to announce our second transaction in 2013, continuing our planned expansion through the acquisition of quality banks that complement our existing locations. The acquisition of Live Oak State Bank adds to our presence in the Dallas market. Live Oak is located near the Baylor Medical Center campus and has an established medical and professional loan portfolio. We plan to combine Live Oak's existing presence with our own experience in providing banking services to the healthcare industry, further expanding this important market segment."
Mr. Brooks continued, "Independent Bank and Live Oak State Bank share the same approach to community banking, with a conservative lending philosophy and customer oriented service. Live Oak customers can expect to continue to receive the same high touch personal service they are accustomed to with the added advantage of the Independent Bank resources.""The merger of our bank into the Independent Bank organization is great news for our customers and employees," said Carl B. Schieffer, President of Live Oak Financial Corp. "The enhanced products of our combined institutions will allow us to continue to provide excellent service to our customers." Mr. Schieffer continued, "Our employees will also benefit by joining the team at Independent Bank, which has historically been recognized as a top employer in the Dallas community."