Veritex Holdings, Inc. Completes Investment in Thrive
DALLAS, July 19, 2021 (GLOBE NEWSWIRE) – Veritex Holdings, Inc. (Nasdaq: VBTX) (“Veritex” or the “Company”), the parent holding company of Veritex Community Bank (the “Bank”), announced today The Bank finalized the investment to acquire a 49% interest in Thrive Mortgage, LLC (“Thrive”) for $ 53.9 million in cash. As part of the investment, the Company has obtained the right to appoint a member of the Board of Directors of Thrive.
Thrive, headquartered in Georgetown, Texas, is a family business led by Roy Jones, President and CEO, and an experienced management team with an average of over 10 years of experience with Thrive. Thrive is an industry leader in transforming the real estate finance process into a digital, customer-centric experience and is the first company in Texas to close a fully electronic note with a remote notary. Thrive’s markets include Texas, Ohio, Colorado, Kentucky, North Carolina, Kansas, Virginia, Florida, Maryland and Indiana, among others.
Veritex Chairman and CEO C. Malcolm Holland said, “I couldn’t be more excited about our partnership with Thrive. The breadth of management and experience, coupled with an industry leader in advanced technology, provides a powerful investment in earnings to generate consistent return for shareholders and mitigate the volatility of the business cycle. our portfolio focused on commerce. “
Roy Jones, Chairman and CEO of Thrive, said, “We are proud to continue our relationship with a valued business partner for over 7 years. With a similar culture and values alignment, Veritex has helped Thrive grow by understanding our business and assisting Thrive with tailor-made financing, including construction warehouse loans. This expanded partnership, while maintaining our agile operational practices, will allow us to better serve our customers and employees with unmatched products and position the company for a strong decade of growth.
Veritex’s investment in Thrive is expected to increase fee income with countercyclical activity on the company’s asset-sensitive balance sheet. The investment is also expected to take advantage of excess liquidity and capital while preserving bandwidth for other strategic opportunities to grow and / or acquire Veritex.
Stephens Inc. has served as financial advisor to Veritex and Skadden, Arps, Slate, Meagher & Flom LLP has served as legal advisor to Veritex.
About Veritex Holdings, Inc.
Based in Dallas, Texas, Veritex is a banking holding company that conducts banking business through its wholly-owned subsidiary, Veritex Community Bank, with locations in the Dallas-Fort Worth metropolitan area and the greater Houston area. . Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Federal Reserve System Board of Governors. For more information visit www.veritexbank.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including relating to the investment in Thrive by Veritex and Veritex’s expectations regarding creating shareholder value, as well as others that can be identified by words such as “believe”, “expect”, “anticipate”, “have the intention to “,” target “,” estimate “,” continue “,” position “,” prospects “or” potential “, by future conditional verbs such as” will “,” would “,” should “,” could ” or “may”, or by variations of these words or by similar expressions. Forward-looking statements involve and are subject to numerous assumptions, risks and uncertainties, many of which are beyond Veritex’s control, which may change over time. Veritex management cautions that the above list of factors is not exhaustive. Forward-looking statements speak only as of the date on which they are made and, except as required by law, Veritex assumes no obligation or obligation to update, supplement or revise forward-looking statements, whether as a result of new information, future developments or otherwise. Veritex’s actual results could differ materially from those expressed or implied in forward-looking statements due to a variety of important factors, both positive and negative, which may be revised or supplemented in subsequent statements and reports filed with of the Securities and Exchange Commission (“SEC”), including in Veritex’s reports on Forms 10-K, 10-Q and 8-K. These risks and other important factors discussed under “Risk Factors In Veritex’s most recent annual report on Form 10-K filed with the SEC, and other reports filed by Veritex with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements contained. in this press release.
Source: Veritex Holdings, Inc.