Texas Capital Bancshares (TCBI) and Independent Bank (IBCP) have mutually agreed to terminate their merger agreement, previously announced on December 9, under which the parties had agreed to combine in an all-stock merger of equals.The companies have now entered into a Mutual Termination Agreement which was approved by the board of directors of both companies. Neither party will pay any termination fee. On the news Piper Sandler analyst Brad Milsaps downgraded TCBI from buy to hold, while slashing his price target from $41 to $26 (9% downside potential).David Brooks, CEO of Independent Bank Group (IBTX), said, “While both companies believed …read more
Source:: Yahoo Finance
