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Guaranty Bank acquisition to close Jan. 1

By Lucas High

DENVER — Independent Bank Group Inc.’s (Nasdaq: IBTX) $1-billion acquisition of Guaranty Bancorp (Nasdaq: GBNK) will close Jan. 1, according to a document filed this week with the U.S. Securities and Exchange Commission. Denver-based Guaranty has more than 30 branches in Colorado, with locations in Berthoud, Boulder, Denver, Fort Collins, Greeley, Longmont and Loveland. Independent operates throughout the Dallas/Fort Worth, Austin and Houston areas of Texas, along with operations along Colorado’s Front Range after its April 2017 acquisition of 18 Northstar Bank locations. As of the end of June, Guaranty had more than $1.5 billion in deposits on its books for 2018. That was good for nearly 7 percent of the local market share and made Guaranty the fifth largest bank in Northern Colorado and Boulder Valley. Guaranty stockholders approved the acquisition in September. They also gave the go-ahead to a golden parachute compensation package totaling more than $14.2 million for five Guaranty Bancorp executives. Following the close of the acquisition on Jan. 1, “Guaranty Bancorp stockholders will receive 0.45 shares of Independent Bank Group stock in exchange for each share of Guaranty Bancorp stock held immediately prior to the merger,” according to SEC documents.

The post Guaranty Bank acquisition to close Jan. 1 appeared first on BizWest.

Source:: BizWest

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