SouthState Corporation Completes Merger with Independent Bank Group, Expands Reach

SouthState Corporation Completes Merger with Independent Bank Group

In a landmark development in the financial sector, SouthState Corporation (NYSE: SSB) has announced the successful completion of its acquisition of Independent Bank Group, Inc. (NASDAQ: IBTX) as of January 1, 2025. This strategic merger marks a significant expansion for SouthState, reinforcing its presence in the states of Texas and Colorado while increasing the company's asset size to an impressive $65 billion.

The merger was executed through the integration of Independent Financial's operations into SouthState, where Independent Financial's subsidiary bank, Independent Bank, will now operate under SouthState Bank, N.A. This consolidation reflects SouthState's strategic goal of bolstering its services and foothold in some of the fastest-growing markets in the country.

John Corbett, the Chief Executive Officer of SouthState, expressed satisfaction regarding the closure of the transaction, praising the collaborative efforts with the team at Independent Financial. He stated, "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."

An important facet of this merger is the increase in the board of directors of SouthState and SouthState Bank. Three directors from Independent Financial have been appointed to join the boards, increasing the total members from 12 to 15. These new members bring a wealth of experience and expertise that is expected to foster growth and innovation within the combined entity.

Among the newly appointed directors is David R. Brooks, the former chairman and CEO of Independent Financial. Brooks's extensive experience in community banking, which dates back to the 1980s, will be a valuable addition. He has a strong history of leadership in community banking, beginning when he acquired Independent Bank in 1988. Notably, Brooks was inducted into the Texas Bankers Hall of Fame in 2018 and will continue to contribute to SouthState's vision and goals.

Another key figure is Janet Froetscher, former director of Independent Financial, who now serves as the President of the J.B. and M.K. Pritzker Family Foundation. Her previous role as CEO of Special Olympics has equipped her with insights into operational scalability and strategic leadership. Froetscher’s involvement will be crucial in navigating the complexities of community-focused strategies.

Additionally, G. Stacy Smith, who served as the lead independent director of Independent Financial, adds to the strengths of the merged entity. As the Managing Partner of a private equity hedge fund focusing on financial and energy sectors, Smith's acumen will play a pivotal role in expanding SouthState's investment strategies.

With this merger, SouthState Corporation reinforces its commitment to providing consumer, commercial, mortgage, and wealth management solutions to over 1.5 million customers spread across several states, including Texas, Colorado, and the Carolinas. The company’s national bank subsidiary, SouthState Bank, ensures that its clients receive a variety of banking services, thus enhancing customer accessibility and satisfaction.

This merger not only showcases SouthState’s growth and resilience but also serves as a strategic pivot towards increasing its footprint in important U.S. markets. As it leverages its newly acquired assets and talents, SouthState is set to navigate the financial services landscape with a renewed vigor and purpose.