Independent Bank Group, the McKinney-based holding company for Independent Bank, announced Tuesday that a definitive agreement has been reached to acquire Highland Village-based United Community Bank.
United Community Bank is a privately-held local bank founded in 1998 with combined assets of approximately $100 million, and locations in Highland Village, Colleyville, Coppell, and Plano.
Coming on the heels of Independent Bank Group’s recent acquisition of I Bank Texas in the Austin area, the acquisition of United Community Bank gives Independent Bank Group 23 locations in the Dallas area and 32 locations throughout Texas.
David Brooks, Chairman and CEO of Independent Bank Group, said the transaction will allow them to add a like-minded, customer-focused community bank.
“We are delighted with the opportunity to add United Community Bank’s locations and staff to the Independent Bank family,” Brooks said. “The United Community Bank footprint compliments Independent Bank’s growing coverage of Texas and specifically the Dallas area.”
In addition to the backing of a bank with a strong community focus, the merger will give United Community Bank’s customers the opportunity to tap into the resources of a network of banks throughout Texas and an increased array of financial services.
“United Community Bank’s customers will be able to continue their relationships with local bankers they have come to know and trust,” Brooks said. “They will also be able to take advantage of more choices, more services and broader lending capabilities.”
Gary Lewis, President of United Community Bank said, “We are excited to join such a forward-thinking organization, which understands that customers deserve personal service, local decisions and fast answers. I look forward to offering expanded services and resources to our customers.”
United Community Bank Chairman, John Jones, also expressed his enthusiastic support. “This acquisition is a positive move for our customers and shareholders,” Jones said. “I could not be happier.”
The transaction is expected to close by Sept. 30, 2012 pending regulatory and shareholder approval. The agreement has been approved by both boards of directors.
The transaction brings Independent Bank Group’s aggregate holdings to over 330 employees at 32 banking locations and two full-service mortgage offices, with combined assets of more than $1.6 billion.