Dallas-basedTBK Bank SSB ($1.62 billion)is purchasing the assets of Dallas-based Southern Transportation Insurance Agency.
The asset purchase,subject to regulatory approval and set to close during the third quarter, will bemade through the bank's insurance unit, Triumph Insurance Group Inc.
The deal isset to boost Triumph Insurance Group's footprint and product offering for clientsin the transportation industry. Southern Transportation producers and staff willbecome Triumph Insurance Group employees once the transaction closes and will berelocated to Triumph's office, which is also in Dallas.
The transactionis not expected to have a material impact on the financial results for fiscal year2016 of Triumph Bancorp Inc.