Independent Bank Group has agreed to acquire financial services firm Guaranty Bancorp in a deal valued at around $1bn.
Independent Bank Group is the holding company for Independent Bank, while Guaranty Bancorp is the holding firm for Guaranty Bank and Trust Company.
As per terms of the merger agreement, Guaranty Bancorp shareholders will secure 0.45 shares of Independent Bank Group common stock for each share of its common stock.
Independent Bank Group chairman and CEO David Brooks said: “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.”
Under the deal, Guaranty Bancorp will merge with Independent Bank Group, while Guaranty Bank and Trust Company will merge with Independent Bank.
Via Guaranty Bank and Trust Company, Guaranty Bancorp operates from its main office in Denver. It has 32 branches strategically situated along the Colorado Front Range, including 14 branches in the Denver metropolitan area.
Guaranty Bank and Trust Company offers a range of financial solutions to consumers and small to medium-sized businesses.
It provides loans and depository services, as well as wealth management solutions including trust and investment management services.
As of 31 March this year, Guaranty Bancorp has total assets worth about $3.7bn, deposits worth about $3bn and tangible common equity worth about $324.8m.
Once the deal concludes, Guaranty Bancorp’s board chairman Edward Cordes, along with Taylor, will join the board of directors of Independent Bank Group.
Subject to customary conditions, the deal is expected to complete in the fourth quarter of this year.
Guaranty Bancorp president and CEO Paul Taylor said: “Our clients and employees will benefit by joining a bank with a commitment to exceptional customer service and community investment.
Independent Bank offers a range of relationship-driven commercial banking products and services for the businesses, professionals and individuals.