Independent Bank Group, a holding company for Independent Bank, announced May 22 it acquired Guaranty Bancorp, the holding company for Guaranty Bank and Trust Co., for $1 billion, according to a news release.

Denver, Colorado-based Guaranty Bancorp has 32 branch locations in the Denver metroplex and reported total assets of $3.7 billion as of March 31.

“We are thrilled to announce the acquisition of Guaranty Bancorp," Independent Bank Group Chairman and CEO David Brooks said in the release. "This transaction represents the build-out of our Colorado footprint. ... Guaranty is the premier Colorado banking franchise and brings a committed management team, consistent level of high profitability, clean balance sheet, strong core deposit base and a track record of growth.”

Upon completion of the merger, which is expected to close during October-December, Guaranty Bank and Trust Co. will be merged with Independent Bank.

Guaranty Bancorp President and CEO Paul Taylor will join the board of directors of Independent Bank Group, and President of Guaranty Bank and Trust Co. Michael Hobbs will serve as Independent's Colorado market CEO after the merger, according to the release.

"We are pleased to partner with an organization that shares our approach to community banking,” Taylor said in the release. “Our clients and employees will benefit by joining a bank with a commitment to exceptional customer service and community investment. We believe our franchise will meaningfully contribute to the combined organization and that Independent Bank Group is the ideal partner for maximizing the long-term value of our company for our shareholders.”

Independent Bank is currently located at 1600 Redbud Blvd., McKinney, and expects to complete construction on its new $52 million headquarters in Craig Ranch in December.