Independent Bank Group and Texas Capital Bank shares mutually agreed to end their merger as a result of the economic effects of COVID-19.
"While both companies believed in the benefits of the proposed transaction when it was announced, we mutually concluded after careful consideration that, given the significant uncertainty caused by the COVID-19 pandemic and the resulting economic and market environment, it would not be prudent to continue to pursue the combination and integration of our companies at this time."
David R. Brooks, CEO of IBTX
Since both companies mutually decided to end the merger, neither party will be forced to pay a termination fee.