Independent Bank Group to buy Texas Capital Bancshares for about $3 billion

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Dec 9 (Reuters) – Independent Bank Group Inc said on Monday it would buy rival Texas Capital Bancshares Inc for $3.07 billion in an all-stock deal, as the U.S. regional bank looks to diversify its customer base.

Several U.S. banks are looking to grow through acquisitions as falling interest rates crimp their revenue growth and ability to give out loans.

The offer price of $61.10 per Texas Capital share represents a 5.5% premium on stock’s Friday close.

Texas Capital shareholders would own 55% of the combined company.

The deal is expected to add 26% to Independent Bank Group’s earnings per share (EPS), and 14% to Texas Capital’s EPS by the first full year after the transaction closes, the companies said in a statement.

Reporting by C Nivedita in Bengaluru; Editing by Shinjini
Ganguli

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