 Texas Capital Bancshares TCBI and Independent Bank IBCP have mutually agreed to terminate their merger agreement, previously announced on December 9, under which the parties had agreed to combine in an all-stock merger of equals.The companies have now entered into a Mutual Termination Agreement which was approved by the board of directors of both companies. Neither party will pay any termination fee. On the news Piper Sandler analyst Brad Milsaps downgraded TCBI from buy to hold, while slashing his price target from 41 to 26 9 downside potential.David Brooks, CEO of Independent Bank Group IBTX, said, While both companies believed in the benefits of the proposed transaction when it was announced, we mutually concluded after careful consideration that, given the significant uncertainty caused by the COVID-19 pandemic and the resulting economic and market environment, it would not be prudent to continue to pursue the combination and integration of our companies at this time.He added that the decision will allow each company to dedicate its focus and resources toward ensuring the strength of its business during these unprecedented times.Following the termination of the merger, Texas Capital also announced that C. Keith Cargill has stepped down as President and CEO and a member of the Board of Directors, effective immediately. However Cargill, who became CEO in 2014, will remain as Vice Chairman until the end of 2020.Larry L. Helm, who has served as Chairman of the Texas Capital Bancshares Board since 2012, will serve as Executive Chair, CEO and President until a permanent successor has been named, the company said.In addition, James H. Browning, an independent director and member of the Texas Capital Bancshares Board since 2009, has been appointed Lead Director.Elysia Ragusa, of Texas Capital, commented, As part of our focus on succession planning, the Board believes that it is the right time for a transition in leadership as the Company executes a strategy to achieve enhanced operational focus and profitable, long-term value creation.Shares in TCBI have plunged 50 year-to-date. Notably all seven analysts covering the stock rate it Hold, while the average analyst price target of 27 indicates a further 7 downside potential lies ahead. See TCBI stock analysis on TipRanks.Related News: New HBO Max Streaming Service Will Go Live on Wednesday Alibaba Scores Earnings Beat With Revenue Surging 22 YY Facebook Workplace Hits 5 Million Paid Users As Remote Work Demand Rises More recent articles from Smarter Analyst: Cheesecake Factory Spikes After-Hours As 75 Sales Recaptured Lyft Rises 5 After-Hours On Strong May Performance Alphabet: Google Discovery Ads Represents Another Opportunity for Investors, Says 5-Star Analyst Philips Gets FDA Emergency Use Nod For Monitors, Displays During Covid-19 Pandemic 