Jackson Walker Represents Integrity Bancshares in Sale to Independent Bank Group
Jackson Walker represented Integrity Bancshares, Inc., the holding company of Integrity Bank, in the sale of its business to Independent Bank Group, Inc., the holding company of a commercial bank operating in Texas and Colorado. The transaction closed on June 1, 2018.
Based in Houston, Integrity Bank is a state savings bank with four full-service banking locations. As of March 31, 2018, Integrity Bancshares reported total assets of $761 million, total loans of $674 million, total deposits of $596 million, and total equity capital of $91 million.
Under the terms of the agreement, Independent Bank Group issued over two million shares of its common stock and paid about $30 million in cash to Integrity Bancshares’ shareholders as consideration for all of Integrity’s outstanding securities. In addition, Independent paid approximately $900 thousand in cash to certain option holders to cash out unexercised options to purchase shares of Integrity Bancshares common stock.
Jackson Walker attorneys James L. Pledger and Taylor McDowell represented Integrity Bancshares in the transaction. To explore Jackson Walker’s transactional experience, view the Corporate and Securities practice area page.
For more information about the transaction, read Independent’s press release.
Austin partner James L. Pledger’s practice focuses on the regulation and operation of banks, savings banks, credit unions, bank holding companies and mutual holding companies, and financial institution public and private equity and debt offerings. Jim has been involved in nearly every aspect of financial institution representation, including private law practice since 2003, fifteen years as a state S&L and mortgage Commissioner, service as in-house general counsel, and as a financial industry lobbyist in Washington. Since December 2007, Jim has been designated annually as one of the Best Lawyers in America for banking and financial services and, in 2014, was selected as Austin’s 2015 Lawyer of the Year for financial services regulation by Best Lawyers.
Austin associate Taylor McDowell represents public and private companies, hospitals, state institutions, and investor groups in public and private offerings, mergers and acquisitions, fund formations, and investment transactions. Taylor also represents startup companies and assists clients with entity formation and corporate governance. He is involved in pro bono services and has drafted asylum petitions for refugees and helped institute microfinance programs for international nonprofits. Taylor has been recognized as proficient in the Spanish language by the American Council on the Teaching of Foreign Languages. Prior to law school, Taylor worked as a Compliance Analyst for Alcatel-Lucent S.A.
For more than 130 years, Jackson Walker has played a vital role in the growth and development of Texas business. Since our founding in 1887, our attorneys have represented some of the most influential companies in the state in key industries that shaped the course of Texas history, including railroads, banking, the media, and oil and gas exploration. Today, we remain firmly rooted in Texas while serving clients around the globe. With more than 375 attorneys in our seven offices, we serve clients worldwide in a broad range of practices and industries. Our clients know they can count on us to deliver personalized service, legal experience, and added value.