(Reuters) - Independent Bank Group Inc said on Tuesday it would buy Guaranty Bancorp for about $1 billion to expand its operations in the state of Colorado.
The company said it would pay about $35.37 for each Guaranty Bank share, representing a premium of 9 percent to Guaranty’s Tuesday close.
As of March 31, 2018, Guaranty Bancorp had total assets of $3.7 billion and total deposits of $3 billion.
The deal is the latest in a spate of consolidations among smaller U.S. regional banks looking to shore up assets and build their client base.
On Monday U.S. regional bank Fifth Third Bancorp agreed to buy smaller rival MB Financial Inc in a deal valued at $4.7 billion.
Independent Bank received a fairness opinion from Stephens Inc, while Keefe, Bruyette & Woods Inc served as financial adviser to Guaranty Bancorp.
Reporting by Karan Nagarkatti in Bengaluru; Editing by Shounak Dasgupta