PLANO, Texas, Dec. 10, 2014 /PRNewswire/ -- ViewPoint Financial
Group, Inc. ("ViewPoint") (NASDAQ: VPFG) and LegacyTexas Group,
Inc. ("LegacyTexas") announced today that they have received all
regulatory approvals required to complete their merger. After the
satisfaction of customary closing conditions, including applicable
waiting periods, ViewPoint and LegacyTexas plan to complete their
merger on January 1, 2015.
"We are pleased to complete the regulatory approval process,"
said ViewPoint President and Chief Executive Officer Kevin J. Hanigan. "Our integration plan is on
target, and we look forward to being recognized as the leading
community bank serving businesses and families in the Dallas-Fort Worth area."
"Today marks an important milestone in a partnership that
creates one of the premier banking organizations in Texas," said LegacyTexas Vice Chairman and
Chief Executive Officer George A.
Fisk. "We are very excited for our stockholders, our
employees, our customers and our community."
The merger, which has been unanimously approved by the boards of
directors of both companies and by the stockholders of LegacyTexas,
will result in one of the largest independent banks in the state of
Texas, with 51 branches and pro
forma assets of nearly $6 billion.
Immediately following completion of the merger, ViewPoint will be
known as LegacyTexas Financial Group, Inc. and begin trading under
the ticker symbol LTXB. The banking subsidiary will be known as
LegacyTexas Bank, with branch and branding integration planned for
February 2015.
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
stockholder 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;
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/viewpoint-financial-group-inc-receives-regulatory-approvals-for-merger-with-legacytexas-group-inc-300007417.html
SOURCE ViewPoint Financial Group, Inc.