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McKINNEY, Texas, Jan. 2, 2014 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for Independent Bank, today announced the completion of the acquisition of Live Oak Financial Corp. and its subsidiary, Live Oak State Bank, Dallas, Texas (collectively "Live Oak"), a Texas state chartered bank with total assets of $126.6 million, total deposits of $106.4 million, and total equity capital of $14.2 million at September 30, 2013. Live Oak is a full service commercial bank with one office located east of downtown Dallas.
Under the terms of the definitive agreement, Independent Bank Group issued approximately 235,626 shares of Independent Bank Group common stock and paid $10.0 million in cash for the outstanding shares of Live Oak common stock.
David Brooks, Chairman and Chief Executive Officer of Independent Bank Group commented "The completion of a second acquisition since our initial public offering is an important next step in executing our acquisition strategy. We are pleased to have the Live Oak leadership and employees join the Independent team."
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 30 full service banking locations with 22 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 Live Oak and the proposed acquisition of 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 Live Oak, and to be issued to the shareholders of BOH Holdings, Inc. Each registration statement includes a proxy statement/prospectus which was sent to the shareholders of Live Oak and will be sent to the shareholders of BOH Holdings, Inc., seeking their approval of that transaction.