Independent Bank Group, a holding company for Independent Bank, announced Nov. 28 it acquired Integrity Bancshares and its subsidiary
Integrity Bank.
Integrity operates four full-service banks in the Houston area, according to a news release.
"Integrity Bank has a demonstrated history of growth and strong earning with locations in some of the most attractive markets in the Houston area," David Brooks, Independent Bank Group Chairman and CEO, said in the release. "Integrity Bank brings a skilled team of experienced bankers as well as a dedicated group of employees."
The merger, which has been approved by both companies boards of directors, is expected to close between April and June.
"We are excited to be joining a successful and community-oriented bank group," Charles Neff Jr., president and CEO of Integrity Bancshares, said in the release. "We view this as an opportunity to become part of a larger community bank that will afford our customers with continued local decision-making while offering a broader array of products and the convenience of a larger branch network. Independent Bank Group is the ideal partner for the long-term value of our shareholders, and we believe our franchise will meaningfully contribute to the combined company."
Independent Bank is expected to build at
$52 million corporate headquarters on more than 10 acres of property at the McKinney Corporate Center in Craig Ranch. The city of McKinney also offered Independent Bank a 65 percent tax abatement on "business personal property and real property improvements," according to the
agreement.