The McKinney Economic Development Corp. announced today Independent Bank will build a new $52 million corporate headquarters on more than 10 acres of property at the McKinney Corporate Center in Craig Ranch.

Independent Bank plans to create up to 400 new jobs to the city during the next five years, said Peggy Smolen, Independent Bank marketing director.

"Independent Bank is pleased to reaffirm a decades-long commitment to the city of McKinney," Independent Bank CEO David Brooks said in a news release. "We have deep roots here and our organization has a unique opportunity to leverage the tremendous growth we've experienced since going public four years ago."

The MEDC offered an economic incentive to Independent Bank based on it retaining 221 jobs and bringing up to 200 new jobs to the city, according to the news release.

The incentive agreement has not been finalized, but should be available to the public in a few weeks, Denise Lessard, communications and media manager for the city, said in an email.

Construction on the corporate headquarters is expected to begin before May 1, 2018, and is anticipated to open sometime in 2019.