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SD-based Great Western Bank buys trust assets of Texas-based Independent Bank

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SD-based Great Western Bank buys trust assets of Texas-based Independent Bank

South Dakota-based Great Western Bank closed on its transaction to purchase and assume the management of the trust assets of Texas-based Independent Bank acquired through the acquisition of Guaranty Bank and Trust Co.

Jane Cox, previously senior vice president and senior trust manager of Independent Bank's trust department, joined Great Western Bank together with several other trust department employees of Independent Bank.

Independent Bank is a unit of Independent Bank Group Inc. The bank's trust department had approximately $306.0 million in assets held in fiduciary or agency capacities as of Sept. 30.

Great Western Bank, a unit of Great Western Bancorp Inc., had about $1.3 billion in assets under administration as of June 30, according to a news release.