McKINNEY, Texas, Dec. 3, 2013 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for Independent Bank, today announced the completion of the acquisition of Collin Bank, Plano, Texas ("Collin Bank"), a Texas state chartered bank with total assets of $173.3 million, total deposits of $121.2 million, and total equity capital of $25.7 million at September 30, 2013. Collin Bank is a full service commercial bank with one office located on the Dallas North Tollway.
Under the terms of the definitive agreement, Independent Bank Group issued approximately 247,809 shares of Independent Bank Group common stock and paid $18.4 million in cash for the outstanding shares of Collin Bank common stock.
David Brooks, Chairman and Chief Executive Officer of Independent Bank Group, commented, "The completion of the first of our three announced acquisitions is an important step in implementing our acquisition strategy. We look forward to the completion of our other pending acquisitions and to the execution of all of our key strategies in 2014."About Independent Bank Group Independent Bank Group, through its wholly owned subsidiary, Independent Bank, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Independent Bank Group operates 29 full service banking locations with 21 located in the Dallas/North Texas region and eight located in the Austin/Central Texas region. As of September 30, 2013, Independent Bank Group had total assets of $1.955 billion, total loans of $1.556 billion and total deposits of $1.541 billion. In connection with the acquisition of Collin Bank and the proposed acquisitions of Live Oak Financial Corp. and BOH Holdings, Inc., Independent Bank Group filed or will file with the Securities and Exchange Commission registration statements on Form S-4 to register the shares of Independent Bank Group's common stock issued to the shareholders of Collin Bank, and to be issued to the shareholders of Live Oak Financial Corp. and BOH Holdings, Inc. Each registration statement includes a proxy statement/prospectus which was sent to the shareholders of Collin Bank and the shareholders of Live Oak Financial Corp. seeking their approval of the transaction and will be sent to the shareholders of BOH Holdings, Inc., seeking their approval of that transaction.