McKinney, Texas-based Independent Bank Group Inc. closed its acquisition of Houston-based Integrity Bancshares Inc.
As part of the deal, Independent Bank Group issued 2,072,131 common shares and paid about $30 million in cash to Integrity Bancshares shareholders as consideration for all outstanding securities of Integrity Bancshares. Independent Bank Group also paid in cash approximately $900,000 to certain option holders to purchase Integrity Bancshares common shares by cashing out unexercised options.
As of March 31, Integrity Bancshares had $761 million in assets. It also reported total loans of $674 million, total deposits of $596 million and total equity capital of $91 million, according to the press release.
Independent Bank Group is the holding company of Independent Bank, while Integrity Bancshares operates through its subsidiary, Integrity Bank SSB.
