A US$5.5 billion deal that would have merged two North Texas financial institutions into a “super-regional bank” is being called off.
Dallas-based Texas Capital Bancshares and McKinney-based Independent Bank Group Inc. described the termination Tuesday as a mutual agreement “given the significant impact of the COVID-19 pandemic on global markets and on the companies’ ability to fully realize the benefits they expected to achieve through the merger.”
The two banks had agreed to an all-stock merger in December. It would have created the largest Texas-based bank in deposits based in the state at US$39 billion, the companies stated at the time, citing S&P Global and Federal Deposit Insurance Corp. data.
Texas Capital also announced Tuesday, May 26, that its longtime CEO, C. Keith Cargill, is stepping down as president and chief executive, effective immediately. Larry L. Helm, the bank’s board chairman since 2012, will become executive chairman, CEO, and president until a permanent successor is found. It hired executive search firm Egon Zehnder to assist in the recruiting process.
“As part of our focus on succession planning, the board believes that it is the right time for a transition in leadership as the company executes a strategy to achieve enhanced operational focus and profitable, long-term value creation,” said a statement from Elysia Ragusa, chair of Texas Capital’s governance and nominating committee.
Full Content: The Dallas Morning News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI