DALLAS, Jul 19, 2021 (GLOBAL) – Veritex Holdings, Inc. announced today. (Nasdaq: VBTX) (“Veritex” or “Company”), the parent holding company of Veritex Community Bank (“Bank”). The bank completed an investment to acquire a 49% stake in Thrive Mortgage, LLC (“Thrive”) for $ 53.9 million in cash. As part of the investment, the Company obtained the right to appoint a member of the Thrive Board of Directors.
Thrive, headquartered in Georgetown, Texas, is a family business led by Roy Jones, Chairman and CEO, and an experienced management team with an average of over 10 years at Thrive. Thrive is an industry leader in transforming home finance into a customer-centric digital experience and is the first company in Texas to close an entire email with a remote notary. Thrive Markets include Texas, Ohio, Colorado, Kentucky, North Carolina, Kansas, Virginia, Florida, Maryland, and Indiana, among others.
Veritex Chairman and CEO K. Malcolm Holland said: “I am delighted to be partnering with Thrive. This breadth of management and expertise, combined with an industry leader in cutting-edge technology, delivers a powerful return on investment to deliver consistent shareholder returns and mitigate business cycle volatility for our business-focused portfolio. ”
Roy Jones, Chairman and CEO of Thrive, said: “We are proud to continue our relationship with a valuable business partner for over 7 years. With a similar culture and aligned values, Veritex has helped Thrive grow by understanding our business and helping Thrive with tailor-made financing, including lending to construction warehouses. This expanded partnership, while maintaining our flexible operating practices, will enable us to better serve our customers and employees with unrivaled products and provide the company with a solid decade of growth. ”
Veritex’s investment in Thrive is expected to increase fee and commission income by countering the cyclical business of the company’s asset-sensitive balance sheet. The investment is expected to help increase liquidity and capital while maintaining capacity for Veritex’s other strategic core growth opportunities and / or acquisition opportunities.
Stephens Inc. served as financial advisor to Veritex, and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to Veritex.
About Veritex Holdings, Inc.
Veritex is a banking holding company headquartered in Dallas, Texas and operates through its 100% subsidiary Veritex Community Bank with offices throughout the Dallas-Fort Worth metro and in the Houston metropolitan area. Veritex Community Bank is a Texas registered bank regulated by the Texas Department of Banking and the Federal Reserve 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 Stock Exchange Act of 1934, as amended, including regarding Veritex and Veritex’s investments in Thrive. expectations for an increase in shareholder value, as well as others that can be identified by words such as “believe”, “expect”, “expect”, “intend”, “plan”, “estimate”, “continue”, “positions” “Prospect” or “potential” by future conditional verbs such as “will,” “will,” “should,” “might,” or “may,” or variations of such words or similar expressions. Forward-looking statements involve numerous assumptions, risks and uncertainties, many of which are beyond Veritex’s control and are subject to change over time. Veritex management cautions that the above list of factors is not exhaustive. Forward-looking statements are valid only as of the date they are made and, unless required by law, Veritex assumes no obligation or obligation to update, supplement or revise any forward-looking statements, whether as a result of new information. future events or otherwise. Veritex’s actual results may 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 the Securities and Exchange Commission (“SEC »), Including in Veritex reports on Forms 10-K, 10-Q and 8-K. These risks and other important factors, discussed under the heading “Risk Factors” in Veritex’s most recent SEC 10-K Annual Report and other reports filed by Veritex with the SEC, could cause actual results to differ materially from indicated. based on the forward-looking statements made in this press release.
Source: Veritex Holdings, Inc.
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