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Independent Bank Group to buy Texas Capital Bancshares for about US$3b

[BENGALURU] Independent Bank Group said on Monday it would buy rival Texas Capital Bancshares for US$3.07 billion in an all-stock deal, as the US regional bank looks to diversify its customer base.

Several US banks are looking to grow through acquisitions as falling interest rates crimp their revenue growth and ability to give out loans.

The offer price of US$61.10 per Texas Capital share represents a 5.5 per cent premium on stock's Friday close.

Texas Capital shareholders would own 55 per cent of the combined company.

The deal is expected to add 26 per cent to Independent Bank Group's earnings per share (EPS), and 14 per cent to Texas Capital's EPS by the first full year after the transaction closes, the companies said in a statement.

REUTERS

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