SIOUX FALLS, S.D.--(BUSINESS WIRE)--Great Western Bank, a wholly owned subsidiary of Great Western Bancorp, Inc. (NYSE: GWB), announced today that it has entered into an agreement to purchase and assume the management of the trust assets of Independent Bank acquired through its acquisition of Guaranty Bank and Trust Company in Colorado. Independent Bank is a wholly owned subsidiary of Independent Bank Group, Inc. (NASDAQ: IBTX). The transaction is expected to close in October 2019.
As of March 31, 2019, Independent Bank’s Trust Department located in Colorado had approximately $311.7 million in assets held in fiduciary or agency capacities. Jane Cox, the Senior Vice President and Senior Trust Manager of Independent Bank’s Trust Department, has agreed to join Great Western Bank upon completion of the transaction, together with several other trust department employees. As of March 31, 2019, Great Western Bank had approximately $1.3 billion in assets under administration.
"We are excited to welcome customers from Independent Bank's Trust Department and to provide them with the same excellent level of performance and attention to which they are accustomed. With a combined $1.6 billion trust business, we will offer a compelling combination of sophistication and personal service," said Ken Karels, CEO and Chairperson of the Board of Great Western Bank.
About Great Western Bancorp, Inc.
Great Western Bancorp, Inc. is the holding company for Great Western Bank, a full-service regional bank focused on relationship-based business and agribusiness banking. Great Western Bank offers small and mid-sized businesses a focused suite of financial products and a range of deposit and loan products to retail customers through several channels, including the branch network, online banking system, mobile banking applications and customer care centers. The bank services its customers with over 170 branches in attractive markets across nine states: South Dakota, Iowa, Nebraska, Colorado, Arizona, Kansas, Missouri, North Dakota and Minnesota. To learn more about Great Western Bank visit www.greatwesternbank.com.
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