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Independent Bank buying Guaranty for $1B; Far Point Acquisition to raise $400M

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Independent Bank buying Guaranty for $1B; Far Point Acquisition to raise $400M

McKinney, Texas-based Independent Bank Group Inc. is buying Denver-based Guaranty Bancorp in an-all stock deal valued at about $1.0 billion. The bank deal is expected to close in the fourth quarter.

Owensboro, Ky.-based First Security Inc. is merging into Jasper, Ind.-based German American Bancorp Inc. in a cash-and-stock transaction worth $101.0 million. The deal, which has a total consideration of roughly 70% stock and 30% cash, is expected to close in the fourth quarter.

In Washington, South Sound Bank will merge with and into Timberland Bank, a unit of Timberland Bancorp Inc., in a deal expected to close during the fourth quarter.

Quincy, Calif.-based Plumas Bank is buying Omaha, Neb.-based Mutual of Omaha Bank's branch located at Carson City, Nev. The bank will acquire about $50 million in deposits and less than $1 million in loans.

In asset management news, Far Point Acquisition Corp., a newly established blank-check company backed by Third Point LLC, filed for an initial public offering to raise $400 million by offering 40 million units at $10 per unit. Third Point founder and activist investor Dan Loeb plans to use the proceeds to buy fintech firms, Bloomberg News reports. Thomas Farley, who is stepping down as president of the New York Stock Exchange, is set to lead Far Point.

Bank of Canada plans to expand its in-house stress testing to include smaller financial institutions and mortgage insurers amid concerns about a national housing slump, The Wall Street Journal reports. These institutions may include lenders that are not federally regulated, a spokeswoman for Canada's central bank said in an email to the WSJ.

On Capitol Hill, Federal Housing Finance Agency Director Melvin Watt will face the Senate Committee on Banking, Housing and Urban Affairs in a hearing at 10 a.m. ET today to discuss the status of the housing finance system.

And in a 258-159 vote, the U.S. House of Representatives passed a bill that would reform large portions of the Dodd-Frank Act. The Senate bill, which the House approved as-is, will head to President Donald Trump's desk for his signature.

In other parts of the world

Asia Pacific: China's Anbang to exit securities unit; Mitsui Sumitomo to buy BoCommLife stake

Europe: Barclays said to be mulling StanChart merger; Julius Bär AUM passes CHF400B

Middle East & Africa: Emirates NBD snaps up DenizBank; Nigeria holds rates; Misr to list 2 units

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Nikkei 225 dropped 1.18% to 22,689.74.

In Europe, around midday, the FTSE 100 slid 0.73% to 7,819.62 and the Euronext 100 shed 1.01% to 1,076.46.

On the macro front

Reports due out today are bank reserve settlement, MBA mortgage applications, PMI composite flash, new home sales and EIA petroleum status.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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