CORRECTED-Independent Bank Group to combine with Texas Capital Bancshares in $3 billion deal

Reuters
Updated

(Corrects headline and paragraph 1 to say combine, not buy)

Dec 9 (Reuters) - Independent Bank Group Inc said on Monday it would combine with rival Texas Capital Bancshares Inc for $3.07 billion in an all-stock deal, as the U.S. regional bank looks to diversify its customer base.

Several U.S. banks are looking to grow through acquisitions as falling interest rates crimp their revenue growth and ability to give out loans.

The offer price of $61.10 per Texas Capital share represents a 5.5% premium on stock's Friday close.

Texas Capital shareholders would own 55% of the combined company.

The deal is expected to add 26% to Independent Bank Group's earnings per share (EPS), and 14% to Texas Capital's EPS by the first full year after the transaction closes, the companies said in a statement.

(Reporting by C Nivedita in Bengaluru; Editing by Shinjini Ganguli)