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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Hulen Pointe Shopping Center sold

Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price.

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Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Fort Worth temporarily stops issuing new home permits in TCU area

The moratorium will give a committee and the City Council time to review a proposed overlay that will pare the number of permissible unrelated adults living in the same house.

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McKinney bank acquiring Houston bank

Independent Bank Group Inc., the McKinney-based holding company for Independent Bank, will acquire Houston City Bancshares Inc. and its subsidiary, Houston Community Bank, NA of Houston for $48 million.
The merger has been approved by the boards of directors of both companies and is expected to close during fourth quarter 2014 with operations to begin during the first quarter of 2015. The transaction is subject to certain conditions, including the approval by Houston City Bancshares shareholders and customary regulatory approvals.
As part of the transaction, the senior management team at Houston Community Bank will join Independent Bank Group.
Houston Community Bank operates six full service banking locations throughout the Houston metropolitan area. As of March 31, 2014, Houston Community Bank reported total assets of $323 million, total deposits of $296 million and total equity capital of $26.6 million.
Upon completion of this acquisition, Independent Bank Group would have total assets of $3.9 billion.


Under the terms of the definitive agreement, Houston City Bancshares shareholders will receive $86.96 per share for each outstanding share of Houston City Bancshares common stock, subject to adjustment based upon the tangible book value at closing, with 65 percent of the consideration payable in shares of Independent Bank Group common stock with the exchange ratio set three days prior to the closing by using the volume-weighted average share price of Independent Bank Group common stock over a 10-day trading period.
Independent Bank Group was advised in this transaction by Sandler O'Neill + Partners LP as financial adviser and Haynie Rake Repass & Lowry PC as legal counsel. Houston City Bancshares was advised by Hovde Group as financial adviser and Harris Law Firm PC as legal counsel.
Independent Bank Group also said it plans to file a shelf registration statement on Form S-3 with the Securities and Exchange Commission within a week. The statement would allow Independent Bank Group to offer and sell, from time to time, up to an aggregate of $250 million of debt and equity securities.


The filing of the shelf registration is part of Independent Bank Group’s ongoing capital planning process, according to Chairman and CEO David R. Brooks.
“We plan to use the proceeds of any offerings under the shelf to support our continuing organic growth and future acquisitions,” Brooks said. He added that after the shelf registration is declared effective by the SEC, the company plans to issue $60 million in subordinated debt for these purposes.
Independent Bank Group also will establish a $35 million unsecured revolving credit facility with U.S. Bank, National Association. The credit facility will serve as a back-up source of liquidity and funding, providing flexibility to support future growth.
Independent Bank Group operates 35 full-service banking locations with 22 located in North Texas, seven located in Central Texas and six located in the Houston region.

Betty Dillard
bdillard@bizpress.net
 

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