Independent Bank Group (IBTX), the holding company for Independent Bank, announced that it agreed to acquire Live Oak Financial Corp. and its subsidiary, Live Oak State Bank, the bank said in a press release.
Live Oak State Bank is based in Dallas and has $122.9 million in total assets, $103.9 million in total deposits and $13.9 million in total equity capital as of June 30.
Independent Bank Group Chairman and CEO David Brooks stated, "The acquisition of Live Oak State Bank adds to our presence in the Dallas market.”
"Independent Bank and Live Oak State Bank share the same approach to community banking, with a conservative lending philosophy and customer oriented service,” he added.
According to another ticker running in HousingWire, this is part of a larger trend of mergers and acquisitions in the industry.