SouthState Completes Acquisition, Expands into Texas and Colorado

By Bobby Samwell • Thursday, January 02 15:21 • Permanent Link

SouthState Corporation (NYSE: SSB) has announced the completion of its acquisition of Independent Bank Group, Inc. (NASDAQ: IBTX) on January 1, 2025. This merger has led to the expansion of the company's presence in Texas, entry into Colorado, and an increase in its asset size to approximately $65 billion.

As a result of the merger, three Independent Financial directors have been appointed to the boards of SouthState and SouthState Bank, increasing the size of each board from 12 to 15 members. David R. Brooks, former Independent Financial chairman and CEO, Janet Froetscher, former director of Independent Financial, and G. Stacy Smith, former lead independent director of Independent Financial, have joined the boards of the company.

SouthState Corporation is a financial services company headquartered in Winter Haven, Florida, and its nationally chartered bank subsidiary, SouthState Bank, N.A., provides consumer, commercial, mortgage, and wealth management solutions to more than 1.5 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, and Virginia.

The completion of the merger and the addition of Independent Financial's operations have significantly impacted SouthState's financial metrics. The company's total assets have grown from the previous period to approximately $65 billion. This represents a significant increase in the company's asset base following the merger.

Furthermore, the addition of Independent Financial's operations has led to an expansion of SouthState's presence in Texas and entry into the Colorado market. This expansion signifies a strategic move to tap into new markets and diversify the company's geographic footprint.

The appointment of three Independent Financial directors to the boards of SouthState and SouthState Bank showcases the integration of leadership from the acquired company into the existing governance structure. This move reflects the company's commitment to leveraging the expertise and experience of the acquired entity's leadership.

The expansion of SouthState's presence in Texas and entry into Colorado, along with the increase in total assets to approximately $65 billion, demonstrates the significant impact of the merger with Independent Financial on the company's financial and operational metrics. This strategic move positions SouthState for continued growth and expansion in key markets. Today the company's shares have moved -2.3% to a price of $97.16. Check out the company's full 8-K submission here.

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