HOUSTON-The Houston Business Journal reports that Independent Bank Group Inc., headquartered in McKinney, TX, announced plans to acquire Bank of Houston and its holding company, BOH Holdings, Inc. The deal, valued at approximately $170 million, is anticipated to close in Q2 2014.
The HBJ says Bank of Houston has six full-service locations throughout the region. As of Sept. 30, BOH Holdings had total assets of $924.6 million, total deposits of $74.3 million and total equity capital of $94.3 million.
BOH Holdings President and CEO James Stein and two additional directors of BOH Holdings will join the board of directors of Independent Bank Group. Stein will also serve as vice chairman/Houston Region CEO and will oversee the Houston operations of the combined entity.
David Brooks, chairman and CEO of Independent Bank Group, said in the Bank of Houston announcement that the acquisition, its third in 2013, means the bank has a significant presence in Dallas, Austin and Houston.
"Bank of Houston brings a quality and committed management team, consistent level of high profitability, clean balance sheet, strong core deposit base, healthy loan mix, and a track record of growth," Brooks said in the statement. "Independent Bank and Bank of Houston share the same approach to community banking, with a conservative lending philosophy and customer oriented service."
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