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Hilltop Holdings buying rest of SWS Group

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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.

Topics: Hilltop-SWS Group

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