Posted: Apr 2, 2014 4:13 AM
Updated: Apr 2, 2014 4:13 AM
DALLAS (AP) Hilltop Holdings Inc. is buying the rest of SWS Group that it doesn't already own in a deal that values the regional bank and financial services provider at nearly $261 million.
Hilltop Holdings, which is a financial holding company, already owns 24 percent interest in SWS Group's common stock.
The boards of both Dallas-based companies unanimously approved the deal announced Tuesday. It still requires approval by SWS shareholders and regulators. The acquisition should close before year's end.
Hilltop owns PlainsCapital Corp., a bank franchise based in Texas. Hilltop also owns National Lloyds Corp., which provides property and casualty insurance through two insurance companies, National Lloyds Insurance Co. and American Summit Insurance Co.