DALLAS, Dec. 01, 2017 (GLOBE NEWSWIRE) -- Veritex Holdings, Inc. (Nasdaq:VBTX), the parent holding company of Veritex Community Bank, today announced the completion of the acquisition of Liberty Bancshares, Inc. effective December 1, 2017. Liberty was a bank holding company that served its customers with five full service banking locations in Fort Worth and the surrounding Tarrant County through its wholly-owned subsidiary, Liberty Bank.
Under the terms of the definitive agreement, Veritex issued approximately 1,450,000 shares of its common stock and paid approximately $25.0 million in cash for the outstanding shares of Liberty common stock and options to purchase shares of Liberty common stock in connection with the closing of the acquisition.
C. Malcolm Holland, Chairman and Chief Executive Officer of Veritex stated, “We are very pleased with the completion of this strategic in-market acquisition. This transaction extends our franchise throughout the dynamic and high growth Fort Worth and surrounding Tarrant County market. With our new team members from Liberty, we look forward to continuing to provide exceptional customer service, grow our franchise and execute our strategic plan to increase shareholder value.”
Veritex was advised by Stephens Inc. as financial advisor and Norton Rose Fulbright US LLP as legal counsel. Liberty was advised by Sheshunoff & Co. as financial advisor and Haynie Rake Repass & Klimko, P.C. as legal counsel. Performance Trust Capital Partners, LLC rendered a fairness opinion to Liberty.
About Veritex Holdings, Inc.
Headquartered in Dallas, Texas, Veritex Holdings, Inc. is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with 21 branch locations throughout the Dallas/Fort Worth metropolitan area, two branches in the Austin metropolitan area, two branches in the Houston metropolitan area and one mortgage office. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.