TBK Bank to Acquire 9 Branches from Independent Bank

TBK Bank to Acquire 9 Branches from Independent Bank

  • Posted: 06/23/2017
  • Castle Creek

DALLAS, Texas–(GLOBE NEWSWIRE)–Triumph Bancorp, Inc. (NASDAQ:TBK) today announced that its banking subsidiary, TBK Bank, SSB (“TBK Bank”) has signed a definitive agreement to acquire 9 branch locations in Colorado from Independent Bank Group, Inc.’s (NASDAQ:IBTX) banking subsidiary Independent Bank. TBK Bank will purchase approximately $100 million in loans and assume approximately $168 million in deposits associated with the branches for an estimated aggregate deposit premium of $7 million or 4.17%. The actual premium will be based on a 30 day average of deposit balances at the time the transaction closes.

“This acquisition enhances our retail footprint, improves our core deposit base and complements the personnel announcements we made on June 8, 2017,” said Aaron P. Graft, Vice Chairman and CEO of Triumph Bancorp, Inc. “With this purchase, we expand our footprint in our Western Division to 27 branches and bring our total number of branches to 46.  We are excited to welcome the customers and staff of these branches to the TBK Bank team.”

The following is a list of the 9 branches included in the acquisition by TBK Bank.

  • 615 W 8th Avenue, Yuma, Colorado  80759
  • 102 N Washington Street, Otis, Colorado  80743
  • 122 W Main Street, Sterling, Colorado  80751
  • 175 E First Street, Akron, Colorado  80720
  • 10 Angrove Avenue, Johnstown, Colorado  80534
  • 5855 Firestone Boulevard, Firestone, Colorado  80504
  • 1300 Broad Street, Milliken, Colorado  80543
  • 401 Coffman Street, Longmont, Colorado  80501
  • 3650 35th Avenue, Evans, Colorado  80620

The branches were previously acquired in April 2017 by Independent Bank Group as a part of its acquisition of Carlile Bancshares, Inc. and its banking subsidiary Northstar Bank.

The transaction is expected to close during the fourth quarter of 2017 and is subject to certain closing conditions, including receipt of regulatory approval and other customary closing conditions.

Triumph Bancorp, Inc. was advised in this transaction by Wachtell, Lipton, Rosen & Katz as legal counsel.  Haynie Rake Repass & Klimko, P.C. acted as legal counsel to Independent Bank Group, Inc.

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