Independent Bank Group, the holding company for Independent Bank, completed its acquisition of Guaranty Bancorp and its wholly owned subsidiary, Guaranty Bank and Trust.
Guaranty Bank and Trust has 32 branches located along the Colorado Front Range, including 14 locations in the greater Denver metropolitan area. As of September 30, 2018, Guaranty, on a consolidated basis, reported total assets of $3.81 billion and total deposits of $3.06 billion.
As part of the merger agreement, Guaranty stockholders received 0.45 shares of Independent Bank stock in exchange for each share of Guaranty stock held immediately prior to the merger, resulting in the issuance of approximately 13.18 million shares of Independent Bank common stock in the aggregate.
In connection with the completion of the transaction, Independent also intends to increase its quarterly dividend to $0.25 per share in the first quarter of 2019.
David R. Brooks, chairman and CEO of Independent Bank Group, stated, “Based upon the strong financial performance of our company and Guaranty Bancorp in 2018 and the anticipated performance of the combined company, we believe that increasing our dividend is an appropriate way to enhance value for all of our shareholders.”
Independent Bank Group received a fairness opinion from Stephens in connection with the transaction and was represented by Wachtell, Lipton, Rosen & Katz as legal counsel. Guaranty Bancorp was advised by Keefe, Bruyette & Woods as financial advisor and by Shapiro Bieging Barber Otteson as legal counsel.
Independent Bank provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. It operates in the Dallas/Ft. Worth, Austin, and Houston, TX, regions and in the Colorado Front Range areas.
