Independent Bank is a wholly owned subsidiary of Independent Bank Group, Inc. (NASDAQ: IBTX). The transaction is expected to close in October 2019.
As of March 31, 2019, Independent Bank’s Trust Department located in Colorado had approximately $311.7 million in assets held in fiduciary or agency capacities. Jane Cox, the Senior Vice President and Senior Trust Manager of Independent Bank’s Trust Department, has agreed to join Great Western Bank upon completion of the transaction, together with several other trust department employees. As of March 31, 2019, Great Western Bank had approximately $1.3 billion in assets under administration.
“We are excited to welcome customers from Independent Bank’s Trust Department and to provide them with the same excellent level of performance and attention to which they are accustomed. With a combined $1.6 billion trust business, we will offer a compelling combination of sophistication and personal service,” said Ken Karels, CEO and Chairperson of the Board of Great Western Bank.
Source: Company Press Release
