HOUSTON – Bracewell & Giuliani LLP represented Veritex Holdings, Inc., the parent holding company of Veritex Community Bank, in its acquisition of IBT Bancorp, Inc. The transaction was announced in March and closed on July 1, 2015.
IBT was the parent holding company of Independent Bank of Texas, a state chartered full service commercial bank with total assets of $121 million, total loans of $99 million, and total deposits of $104 million at March 31, 2015.
Veritex issued approximately 1,185,185 shares of its common stock (with cash in lieu of fractional shares) and paid approximately $4 million in cash for the outstanding shares of IBT common stock in connection with the closing of the acquisition.
Bracewell attorneys working on the transaction included:
Partners: Justin M. Long, William S. Anderson, Rebecca L. Baker, Abraham A. Reshtick and Scott C. Sanders
Associates: Lauren Bourke Chase, Jessica A. Edwards, Elizabeth B. Behncke and Joshua T. McNulty