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Independent Bank Group completes acquisition of BOH

Staff writer ▼ | April 18, 2014
Independent Bank Group, Inc., the holding company for Independent Bank, completed the acquisition of BOH Holdings Inc. and its subsidiary, Bank of Houston, Texas.
Independent Bank Group
Independent Bank GroupIndependent Bank Group, Inc., the holding company for Independent Bank, completed the acquisition of BOH Holdings Inc. and its subsidiary, Bank of Houston, Texas.


BOH reported total consolidated assets of $923.9 million, total deposits of $804.2 million, and total equity capital of $97.5 million at December 31, 2013. Bank of Houston is a full service commercial bank with six offices in the greater Houston, Texas area.

Under the terms of the definitive agreement, Independent Bank Group issued approximately 3,616,060 shares of Independent Bank Group common stock and paid $34.0 million in cash for the outstanding shares of BOH common stock.

In connection with the transaction, three directors of BOH, James D. Stein, Donald L. Poarch, and J. Webb Jennings III, became directors of Independent Bank Group and Stein was named Vice Chairman and Houston Region Chief Executive Officer.

David Brooks, Chairman and Chief Executive Officer of Independent Bank Group commented: "This acquisition is a major component of our strategy as we enter the dynamic Houston market. We are excited to have the BOH leadership and employees join the Independent team."

Independent Bank Group operates 30 full service banking locations with 22 located in the Dallas/North Texas region and eight located in the Austin/Central Texas region. As of December 31, 2013, Independent Bank Group had total assets of $2.165 billion, total loans of $1.723 billion and total deposits of $1.710 billion.


 

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