Why Texas Capital Bancshares Jumped Today
Texas Capital Bancshares' (NASDAQ: TCBI) stock popped nearly 10% on Monday after news broke of its multibillion-dollar merger with Independent Bank Group (NASDAQ: IBTX).
Texas Capital will merge with Independent Bank in an all-stock $5.5 billion deal. The combined company will oversee approximately $48 billion in assets and $39 billion in deposits. The companies say the greater scale of the merged bank will allow it to make larger investments in technology and better manage risk.
Under terms of the deal, Texas Capital shareholders will receive 1.0311 shares of Independent Bank Group for each share of Texas Capital they possess.
Source Fool.com
