SouthState Corporation's bid for Independent Bank Group has emerged as the largest bank acquisition announced in the United States so far in 2024, at a deal value of approximately $2 billion.
Independent Bank Group had $18.9 billion in assets and $15.7 billion in deposits at the time of the announcement. The Texas-based lender operates primarily across the Lone Star State and Colorado.
SouthState's offer is structured as an all-stock transaction.
APPROVALS
Regulatory approval and shareholder votes at both companies remain outstanding as of the announcement date. The companies said they expected the transaction to close by the end of the first quarter of 2025.