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Texas Capital Bancshares/Independent Bank Group deal has $115M termination fee

The merger agreement between Dallas-based Texas Capital Bancshares Inc. and McKinney, Texas-based Independent Bank Group Inc. provides that a fee of $115 million will be payable by either company, as applicable, upon termination of the deal under certain circumstances.

The merger is expected to close in mid-2020.

Under the terms of the deal, Texas Capital Bancshares will merge with and into Independent Bank Group, with the latter as the surviving entity. Texas Capital Bank NA, a subsidiary of Texas Capital Bancshares, will merge with and into Independent Bank, a unit of Independent Bank Group. Independent Bank will be the surviving entity in the bank merger.