The $5.5 billion merger is expected to be completed in mid-2020, according to the release.
The combined bank will be known as Texas Capital, and the two parent companies, Texas Capital Bancshares Inc. and Independent Bank Group Inc., will be known as Independent Bank Group.
“Combining Independent Bank Group and Texas Capital is the logical next step for both companies,” David R. Brooks, Independent Bank Group Chairman and CEO, stated in the release. “This combination with Texas Capital is a singular opportunity to significantly diversify our customer base, business lines and loan concentrations, enabling us to accelerate our growth and enhance our financial flexibility for continued strategic investments.”
Texas Capital will be the largest Texas-headquartered bank, the release said, with roughly $48 billion in assets and $39 billion in deposits.
“Independent Bank Group is an outstanding complement to Texas Capital with its enviable commercial branch network, small business market leadership and solid deposit funding model in combination with our strong corporate banking practice and powerful technology and compliance infrastructure,” C. Keith Cargill, Texas Capital President and CEO, said in the release.
Independent Bank built its 150,000-square-foot, six-story headquarters in McKinney in mid-2019 at 7300 Henneman Way. The company had also recently announced a name change from Independent Bank to Independent Financial, as previously reported by Community Impact Newspaper. McKinney is also home to three Independent Bank locations.
Independent Bank currently serves cities across Texas and Colorado.
Texas Capital Bank currently headquarters out of Dallas and has locations across Texas and in New York City.
