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Fairness Opinion

Independent Bank Group, Inc.

$1.0 Billion 05/22/2018 Depository Complete
Lead Bankers: Kade Machen, Justin Evans
Public Companies
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Transaction Details

  • May 22, 2018—Independent Bank Group, Inc. (NASDAQ: IBTX), the holding company for Independent Bank, and Guaranty Bancorp (NASDAQ: GBNK), the holding company for Guaranty Bank and Trust Company, today jointly announced the signing of a definitive merger agreement pursuant to which Guaranty Bancorp will merge with and into Independent Bank Group
  • Transaction consideration of 100% stock, valued at approximately $1.0 billion or $35.37 per share, based on Independent Bank Group’s closing common stock price of $78.60 per share on May 21, 2018
  • GBNK is the fourth largest bank headquartered in Colorado:
  • The largest bank operating exclusively in Colorado
  • Ranks 7th in Colorado deposit market share with approximately $2.9 billion(1) in total deposits and 32 branch locations
  • Over 30% NIB deposits with a cost of deposits of approximately 0.30%
  • Upon completion of the transaction and including the pending acquisition of Integrity Bancshares, on a pro forma basis, IBTX would have:
  • Total branches: 106; Total loans: $10.2 billion; Total deposits: $10.4 billion
  • The only Texas or Colorado headquartered bank with top 10 deposit market share in both states(1)
Sources: Company filings, SNL Financial and publicly available information
  1. Note: Financial data as of March 31, 2018

    (1) Reflects FDIC data as of June 30, 2017

    (2) Based on a IBTX closing price of $78.60 on May 21, 2018

    (3) Based on Wall Street analyst consensus EPS estimates

    (4) Includes the impact of lost interchange revenue attributable to the Durbin amendment

    (5) LTM reflects adjustment for one-time DTA revaluation associated with tax legislation of $976 thousand

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