On May 20, SouthState Corp., the parent company of Winter Haven, Florida-based SouthState Bank NA, and Independent Bank Group Inc., the parent company of McKinney-based Independent Bank (dba Independent Financial), jointly announced that they have entered into a definitive agreement under which SouthState will acquire Independent Bank Group in an all-stock transaction valued at approximately $2 billion. The transaction is expected to close by the end of the first quarter of 2025.
Independent Bank Group has approximately $18.9 billion in total assets, $15.7 billion in total deposits and $14.6 billion in total loans as of March 31 and operates in four market regions: Dallas/Fort Worth, Austin and Houston areas in Texas and the Colorado Front Range, which includes Denver, Colorado Springs and Fort Collins. With a presence in 12 of the 15 fastest-growing metropolitan statistical areas in the U.S., the combined company will have pro forma total assets of $65 billion, deposits of $55 billion and gross loans of $48 billion upon the completion of the transaction, and a market capitalization of approximately $8.2 billion, based on the closing stock price of SouthState as of May 17.
“I have known and respected David for several years, and I look forward to welcoming the Independent Bank Group team to our company and working together to capitalize on the great opportunities ahead of us,” says John C. Corbett, CEO of SouthState Corp. “With a local, geographic management model, an industry-leading track record on credit and a presence in some of the best markets in the country, Independent Bank Group is a great fit with SouthState.”
“The combination of these two companies operating in growing markets provides a great opportunity for our Independent Bank Group teammates, clients and communities to flourish,” says David R. Brooks, chairman and CEO of Independent Bank Group.
