Texas bank to acquire Colorado's Guaranty Bancorp for $1B

Texas-based Independent Bank Group Inc. announced it will acquire Colorado's Guaranty Bancorp in stock transaction valued at $1 billion, according to a company news release.

Guaranty Bancorp is the holding company for Guaranty Bank and Trust Company, which operates bank branches throughout Boulder County.

"We are thrilled to announce the acquisition of Guaranty Bancorp," Independent Bank Group CEO David Brooks said in a statement. "This transaction represents the build out of our Colorado footprint through the acquisition of a high quality bank operating in dynamic markets along the Front Range."

As part of the deal, Guaranty Bancorp CEO Paul Taylor will join Independent's board of directors. Guaranty President Michael Hobbs will serve as Independent's Colorado market chief executive, according to the release.

It is unclear whether the acquisition will result in branch closures or staffing changes at Guaranty locations.