SouthState Bank Completes $2 Billion Acquisition
Deal News | Jan 10, 2025 | EIN
In a strategic expansion move, SouthState Bank has successfully acquired Texas-based Independent Bank for $2 billion, making it Florida’s largest bank. This acquisition marks one of the largest U.S. bank transactions expected in 2024 and forms a super-regional bank with over 340 branches across 12 fast-growing states. SouthState's CEO, John Corbett, a veteran in acquisitions, facilitated this complex transaction amid significant regulatory challenges. Corbett indicated this would be the company's last major acquisition in the near term despite favorable macroeconomic conditions potentially encouraging further M&A activity in 2025. The banking sector anticipates a surge in M&A driven by a favorable regulatory climate under the new administration.
Sectors
- Banking & Finance
- Mergers & Acquisitions
Geography
- United States – The acquisition involves U.S.-based banks and significantly impacts the banking landscape across the country.
- Florida – SouthState Bank, the acquirer, is headquartered in Florida, making it a key geographical focus.
- Texas – Independent Bank, the acquired company, is based in Texas, highlighting its geographic importance in the article.
Industry
- Banking & Finance – The primary industry involved in the article is Banking & Finance, evident from the acquisition of a bank and discussions about M&A within the banking sector.
- Mergers & Acquisitions – The article focuses on a major acquisition deal, making Mergers & Acquisitions a pertinent industry classification.
Financials
- 2 billion – Deal value of the acquisition of Independent Bank by SouthState Bank.
- 13 billion – Total deal value of U.S. bank transactions in 2024.
- 9 billion – Increase in transaction value compared to 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SouthState Bank | Acquirer | Company | A regional bank headquartered in Winter Haven, Florida, and now the largest bank headquartered in Florida following the acquisition. |
| Independent Bank | Target Company | Company | A Texas-based bank that was acquired by SouthState Bank. |
| John Corbett | CEO of SouthState Bank | Person | CEO of SouthState Bank who has led the company through multiple mergers and acquisitions. |
| S&P Global Market Intelligence | Data Source | Company | Provided data on bank transactions and growth statistics in the article. |
| Fitch Ratings | Commentator | Company | Provided insights into the anticipated M&A activity in the banking sector for 2025. |