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Allegiance Closer to IPO After Deal to Buy Houston Rival

August 12, 2013

Allegiance Bancshares executives long saw Independence Bank as a potential acquisition target, but what finally prompted the two Houston lenders to pair up? "The Independent IPO really brought a lot of focus in that size range, and the sales pitch is that you could be a part of the next Texas bank to go public," says Daniel Bass, a managing director of Performance Trust Capital Partners, one of the advisors to the $220 million-asset Independence Bank. "It really ignited the banks like Allegiance to try and get to $1.5 billion in assets," a rule of thumb for banks that want to get the market's attention.

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