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MCKINNEY, Texas, April 17, 2014 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for Independent Bank, today announced the completion of the acquisition of BOH Holdings Inc. and its subsidiary, Bank of Houston, Houston, Texas (collectively "BOH"). BOH reported total consolidated assets of $923.9 million, total deposits of $804.2 million, and total equity capital of $97.5 million at December 31, 2013. Bank of Houston is a full service commercial bank with six offices in the greater Houston, Texas area.
Under the terms of the definitive agreement, Independent Bank Group issued approximately 3,616,060 shares of Independent Bank Group common stock and paid $34.0 million in cash for the outstanding shares of BOH common stock.
In connection with the transaction, three directors of BOH, James D. Stein, Donald L. Poarch, and J. Webb Jennings III, became directors of Independent Bank Group and Stein was named Vice Chairman and Houston Region Chief Executive Officer.
David Brooks, Chairman and Chief Executive Officer of Independent Bank Group commented: "This acquisition is a major component of our strategy as we enter the dynamic Houston market. We are excited to have the BOH 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 December 31, 2013, Independent Bank Group had total assets of $2.165 billion, total loans of $1.723 billion and total deposits of $1.710 billion.
In connection with the acquisition of BOH Holdings, Inc., Independent Bank Group filed 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 BOH Holdings. The registration statement includes a proxy statement/prospectus which was sent to the shareholders of Independent Bank Group and BOH Holdings seeking their approval of the transaction.