Independent Bank Group Inc to Acquire Live Oak State Bank

Thursday, 22 Aug 2013 05:00pm EDT 

Independent Bank Group Inc announced that Independent Bank Group has entered into a definitive agreement to acquire Live Oak Financial Corp. and its subsidiary, Live Oak State Bank, Dallas, Texas, a Texas state chartered bank with total assets of $122.9 million, total deposits of $103.9 million, and total equity capital of $13.9 million at June 30, 2013. Live Oak State Bank is a full service commercial bank with one office located in the Swiss Avenue/Lakewood area east of downtown Dallas. Under the terms of the Agreement, Independent Bank Group (IBG) will pay aggregate cash consideration of $10 million and issue approximately 292,646 shares of IBG common stock, resulting in an aggregate transaction value of approximately $20 million. The merger has been approved by the Boards of Directors of both companies and is expected to close during the fourth quarter of 2013, although delays may occur. The transaction is subject to certain conditions, including the approval by shareholders of Live Oak Financial Corp. and customary regulatory approvals. Operational integration is anticipated to begin during the first quarter of 2014. Independent Bank Group was advised in this transaction by Sandler + O'Neill Partners, L.P. as financial advisor and Haynie Rake Repass & Lowry, P.C. as legal counsel. Live Oak Financial Corp. was advised by Sheshunoff & Co Investment Banking, L.P. as financial advisor and Hunton & Williams, LLP as legal counsel. 

Related Company News

Company Quote

0.13 +0.22%
4:00pm EDT