Texas Capital Bancshares and Independent Bank Group have agreed to combine their operations in an all-stock deal.

The combination will create one of the largest lenders in the US state of Texas with a market value of $5.5bn.

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Texas Capital Bancshares-Independent Bank Group merger:

As agreed, Texas Capital shareholders will receive 1.0311 shares of Independent Bank Group for each share they hold.

Once complete, the former Texas Capital shareholders will hold 55% interest in the combined firm. Independent Bank Group shareholders will own the remaining 45% of the combined company.

To be headquartered in McKinney of Texas, the combined holding company will operate as Independent Bank Group. The resulting bank will retain Texas Capital brand name.

However, the retail branches in Colorado will continue to retain the Independent Financial branding.

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Texas Capital President and CEO C. Keith Cargill said: “Independent Bank Group is an outstanding complement to Texas Capital with its enviable commercial branch network, small business market leadership and solid deposit funding model in combination with our strong corporate banking practice and powerful technology and compliance infrastructure.”

David Brooks will serve as the chairman, president and CEO of the combined company, while Cargill will assist him as special advisor.

Strategic benefits:

The combined lender is expected to have around $48bn in assets and $39bn in deposits. The merger will also expand its business line with a diversified service and product portfolio.

Additionally, the deal is expected to improve profitability and result into $100m in annual run-rate cost synergies.

Besides Texas, the combined lender will also hold a significant presence in Colorado.

The Texas Capital Bancshares-Independent Bank Group merger is slated to close in mid-2020. The closing is subject to customary closing conditions, including regulatory and shareholders’ approvals.