Veritex Holdings, Inc. Completes Acquisition Of North Avenue Capital, Llc, Becomes Leading Producer Of Usda Loans
Acquiring Company
Veritex Community Bank
Acquired Company
North Avenue Capital
DallasFinancial ServicesSoftwareMobileProfessional ServicesPrivacy And SecurityDescription
Veritex Holdings, Inc. (Nasdaq: VBTX) (“Veritex” or the “Company”), the parent holding company for Veritex Community Bank (“Bank”), today announced the completion of its acquisition of North Avenue Capital, LLC (“NAC”). Under the terms of the definitive agreement for the acquisition, the Bank paid $57.5 million in cash to existing shareholders of NAC. Three years after the completion of the transaction, NAC has the right, subject to adjustment, to receive an additional $5 million in cash subject to certain performance measures. NAC will continue to operate under its current name and brand and in its current office space, as a wholly owned subsidiary of the Bank.
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Frequently asked
Who acquired North Avenue Capital?
North Avenue Capital was acquired by Veritex Community Bank, based in Dallas. The deal was reported on November 1, 2021. Veritex Community Bank is a Texas-based bank that offers various personal and commercial banking products. Veritex Community Bank is privately held and operates in Financial Services.
When did Veritex Community Bank acquire North Avenue Capital?
Veritex Community Bank's acquisition of North Avenue Capital was reported on November 1, 2021. Veritex Holdings, Inc. (Nasdaq: VBTX) (“Veritex” or the “Company”), the parent holding company for Veritex Community Bank (“Bank”), today announced the completion of its acquisition of North Avenue Capital, LLC (“NAC”). Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does North Avenue Capital do?
Headquartered in Ponte Vedra, Florida, NAC is a regulated, non-depository government guaranteed lender. NAC originates and services loans exclusively through the USDA B& I guaranteed loan program within the USDA Rural Development Program. It is privately held, operating in Professional Services.
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