US-based financial services company SouthState has completed its $2bn acquisition of bank holding company Independent Bank Group.
Finalised on 1 January 2025, the transaction was executed through the merger of Independent Financial with and into SouthState, followed by the integration of Independent Bank into SouthState Bank.
As a result of the mergers, the New York Stock Exchange (NYSE) listed SouthState has expanded its footprint into Texas and entered the Colorado market, growing its asset size to approximately $65bn.
The combined company is also expected to have deposits of $55bn and gross loans of $48bn. It has a market capitalisation of approximately $8.2bn, based on SouthState’s closing stock price as of 17 May 2024.
In addition, three directors from Independent Financial have been appointed to the boards of SouthState and SouthState Bank. This appointment increases the size of each board from 12 to 15 members.
SouthState CEO John Corbett said: “It’s been a pleasure working with the team at Independent Financial since our announcement and we are pleased to close the transaction on schedule.
“Together, we will continue building our company with an entrepreneurial business model in the fastest growing markets in the country.”
Initially announced in May 2024, the merger sees shareholders of the Nasdaq-listed Independent Bank receiving 0.6 shares of SouthState common stock for each Independent Bank Group share held.
The transaction was unanimously approved by the board of directors of both SouthState and Independent Bank Group.
Headquartered in Winter Haven, Florida, SouthState is said to serve more than 1.5 million customers.
Its subsidiary, SouthState Bank, provides consumer, commercial, mortgage, and wealth management services across Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, and Virginia.
Besides, the bank serves clients coast to coast through its correspondent banking division.
