SouthState Corporation completed its merger with Independent Bank Group on 1 January 2025, finalising an all-stock transaction valued at approximately $2.0 billion that was first announced on 20 May 2024. The closing simultaneously combined their banking subsidiaries: SouthState Bank, N.A. absorbed the operations of Independent Bank, creating a combined institution with roughly $65 billion in total assets.
SouthState, headquartered in Winter Haven, Florida, had built its presence across the Southeast through organic growth and prior acquisitions.
DEAL STRUCTURE AND APPROVALS
The deal was structured entirely in SouthState stock, with Independent Bank Group shareholders receiving SouthState shares in exchange for their holdings under terms agreed at announcement in May 2024.
The seven-month period between announcement and closing in this case encompassed shareholder votes at both companies as well as review by federal banking regulators, including the standard approval process under the Bank Merger Act.
TEXAS AND COLORADO
Independent Bank Group operated a network of community banking offices across Texas and Colorado.
Management has indicated that the integration of the two franchises will be a primary focus in the months following the 1 January closing date.