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Slide #33. ViewPoint Financial Group, Inc. — LegacyTexas Group, Inc.
ViewPoint Financial Group, Inc. (VPFG)
LegacyTexas Group, Inc.
ViewPoint Financial Group, Inc. ("ViewPoint") (NASDAQ: VPFG) and LegacyTexas Group, Inc. ("LegacyTexas") announced today that they have entered into a definitive agreement under which LegacyTexas will merge into ViewPoint and, immediately thereafter, ViewPoint's bank subsidiary, ViewPoint Bank, N.A., will merge into LegacyTexas' subsidiary bank, LegacyTexas Bank. The merger will result in one of the largest independent banks in the state of Texas, with 51 branches and pro forma assets of over $5 billion.
LegacyTexas Financial Group is a holding company. Through its subsidiary, ViewPoint Bank, NA, Co. provides financial services in its primary market, the Dallas/Fort Worth Metroplex. Co.'s primary deposit products are demand, savings and term certificate accounts, and its primary lending products are commercial real estate, commercial and industrial and consumer lending. Co. also has a program, Warehouse Purchase Program, with mortgage banking companies that allows them to close one- to four-family real estate loans in their own name and manage its cash flow needs until the loans are sold to investors. As of Dec 31 2013, Co. had total assets of $3.53 billion and deposits of $2.26 billion.
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Buy (2.80 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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