PLANO, Texas, June 17, 2014 /PRNewswire/ -- ViewPoint
Financial Group, Inc. ("ViewPoint") (NASDAQ: VPFG) and LegacyTexas
Group, Inc. ("LegacyTexas") announced today that additional time
will be required to obtain regulatory approvals and to satisfy
customary closing conditions necessary to complete their merger,
and have jointly extended the agreement to August 31, 2014, pursuant to its terms. The
merger will result in one of the largest independent banks in the
state of Texas, with 51 branches
and pro forma assets of over $5
billion.
"We continue to be very excited about the merger of LegacyTexas
with ViewPoint," stated ViewPoint President and CEO Kevin Hanigan. "Our preparations for integration
are moving forward, and we are making excellent progress towards
the goal of building the premier Dallas-Fort Worth commercial banking
franchise."
George Fisk, CEO and vice
chairman of LegacyTexas, who will join the Boards of Directors of
both ViewPoint and its banking subsidiary at closing, stated, "We
continue to believe strongly that the merger will benefit our
customers and the communities we serve. We remain delighted
with our partnership and will continue to work hard to complete
this exciting transaction."
As previously announced, the merger has been unanimously
approved by the boards of directors of both companies, and by the
shareholders of LegacyTexas. The transaction remains subject
to required regulatory approvals and the satisfaction of other
customary closing conditions.
About ViewPoint Financial Group, Inc.
ViewPoint Financial Group, Inc. is the holding company for
ViewPoint Bank, N.A. ViewPoint Bank, N.A. operates 31 banking
offices in the Dallas/Fort Worth
metropolitan area, including two First National Bank of
Jacksboro locations in Jack and
Wise Counties. For more information, please visit
www.viewpointbank.com or www.viewpointfinancialgroup.com.
About LegacyTexas Group, Inc.
LegacyTexas Group, Inc. is the holding company for LegacyTexas
Bank, headquartered in Plano,
Texas. LegacyTexas Bank operates 20 branches in the
Dallas/Fort Worth metropolitan
area. Additionally, LegacyTexas Bank operates insurance and title
company businesses. For more information, please visit
www.legacytexasbank.com.
When used in filings by ViewPoint Financial Group, Inc.
("ViewPoint") with the Securities and Exchange Commission (the
"SEC") in ViewPoint's press releases or other public or shareholder
communications, and in oral statements made with the approval of an
authorized executive officer, the words or phrases "will likely
result," "are expected to," "will continue," "is anticipated,"
"estimate," "project," "intends" or similar expressions are
intended to identify "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of
1995. Such statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from historical earnings and those presently anticipated or
projected, including, among other things: the expected cost
savings, synergies and other financial benefits from the
ViewPoint-LegacyTexas merger (the "Merger") might not be realized
within the expected time frames or at all and costs or difficulties
relating to integration matters might be greater than expected; the
requisite regulatory approvals might not be obtained or other
conditions to completion of the merger set forth in the merger
agreement might not be satisfied or waived; changes in economic
conditions; legislative changes; changes in policies by regulatory
agencies; fluctuations in interest rates; the risks of lending and
investing activities, including changes in the level and direction
of loan delinquencies and write-offs and changes in estimates of
the adequacy of the allowance for loan losses; ViewPoint's ability
to access cost-effective funding; fluctuations in real estate
values and both residential and commercial real estate market
conditions; demand for loans and deposits in ViewPoint's market
area; the industry-wide decline in mortgage production;
competition; changes in management's business strategies and other
factors set forth in ViewPoint's filings with the SEC.
ViewPoint does not undertake - and specifically declines any
obligation - to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
This communication does not constitute an offer to sell or
the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. ViewPoint has filed
with the SEC a registration statement on Form S-4, which was
declared effective by the SEC on April
9, 2014. The registration statement includes a proxy
statement/prospectus, which was mailed in definitive form to the
shareholders of LegacyTexas on April
15, 2014. INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN
CONNECTION WITH THE MERGER BECAUSE THEY CONTAIN, OR WILL CONTAIN,
IMPORTANT INFORMATION ABOUT LEGACYTEXAS, VIEWPOINT AND THE
MERGER. Investors may obtain these documents free of charge
at the SEC's website (www.sec.gov). In addition, documents
filed with the SEC by ViewPoint are available free of charge by
accessing ViewPoint's website (www.viewpointfinancialgroup.com,
under "SEC Filings") or by contacting Casey
Farrell at (972) 801-5871.
SOURCE ViewPoint Financial Group, Inc.