Independent Bank Group, the McKinney-based holding company for Independent Bank, announced Tuesday that it has completed the acquisition of I Bank Texas.
David Brooks, Chairman and CEO of Independent Bank Group, said he is pleased to add I Bank Texas to the Independent Bank Family and that the merger will enable I Bank Texas customers to continue their relationships with local bankers they have come to know and trust along with the expanded resources of combining two solid banking groups.
“I Bank Texas customers now have the resources of a bank with nearly a century of history and a network of banks throughout Texas,” Brooks said. “Customers can expect the same local decisions with fast answers, the same support of a bank fully committed to your community, along with broader lending capabilities, including commercial real estate financing.”
The acquisition, finalized after the close of business on March 30, 2012, expands Independent Bank Group’s presence in the Austin area by adding a location in Lakeway to the bank’s rapidly expanding list of full-service banking centers.
The addition of the Lakeway branch gives Independent Bank Group six locations in the Austin area, with established branches in Austin, Coupland, Georgetown, Manor and Round Rock.
Independent Bank Group expects to complete construction of a full-service bank in central Austin in 2013 that will house a regional commercial lending center and mortgage operation.
The transaction brings Independent Bank Group’s aggregate holdings to more than 300 employees at 27 banking locations and a full-service mortgage company, with assets of more than $1.4 billion.
Sheshunoff & Co. Investment Banking represented I Bank Texas in the transaction.