MCKINNEY, Texas, Jan. 02, 2019 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (NASDAQ: IBTX), the holding company for Independent Bank, today announced the completion of its acquisition of Guaranty Bancorp.
Guaranty Bancorp conducts its banking operations through its wholly owned subsidiary, Guaranty Bank and Trust Company, with 32 branches strategically located along the Colorado Front Range, including 14 locations in the greater Denver metropolitan area. As of September 30, 2018, Guaranty Bancorp, on a consolidated basis, reported total assets of $3.81 billion and total deposits of $3.06 billion.
As previously disclosed, Guaranty stockholders will receive 0.45 shares of Independent Bank Group stock in exchange for each share of Guaranty Bancorp stock held immediately prior to the merger, resulting in the issuance of approximately 13.18 million shares of Independent Bank Group common stock in the aggregate.
In connection with the completion of the transaction, Independent also announced that it intends to increase its quarterly dividend to $0.25 per share in the first quarter of 2019. David R. Brooks, Chairman and CEO of Independent Bank Group, stated, “Based upon the strong financial performance of our company and Guaranty Bancorp in 2018 and the anticipated performance of the combined company, we believe that increasing our dividend is an appropriate way to enhance value for all of our shareholders.”
Independent Bank Group received a fairness opinion from Stephens Inc. in connection with the transaction and was represented by Wachtell, Lipton, Rosen & Katz as legal counsel. Guaranty Bancorp was advised by Keefe, Bruyette & Woods, Inc. as financial advisor and was represented by Shapiro Bieging Barber Otteson LLP as legal counsel.
About Independent Bank Group
Independent Bank Group, through its wholly owned subsidiary, Independent Bank, provides a wide range of relation- ship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Independent Bank Group operates in four market regions located in the Dallas/Ft. Worth, Austin, and Houston, Texas and the Colorado Front Range areas.
