SouthState Closes $2 Billion Acquisition of Independent Bank Group

SouthState Corp., a Florida-based bank, has completed its $2 billion acquisition of Texas-based Independent Bank Group, expanding its assets by nearly $20 billion and entering new markets in Texas and Colorado. The acquisition was finalized on January 1st, following regulatory approvals from the Federal Reserve Board and the Office of the Comptroller of the Currency. David Brooks, Independent's Chairman and CEO, along with two other board members, will join SouthState's board of directors. Brooks will also receive a lump sum payment of nearly $18 million as part of the merger agreement. This transaction marks a strategic shift for Independent, which had previously been an active acquirer. As part of the deal, SouthState issued 24.9 million shares at $80.85 each. The acquisition boosts SouthState's assets to $65 billion, surpassing regulatory thresholds that will increase oversight. Analysts have been optimistic about SouthState's position in the market, highlighting its ability to manage capital effectively without needing a capital raise or sale of business lines to fund the acquisition. The deal reflects a broader trend in the banking industry as interest rates decline and regulatory scrutiny is expected to ease under the new administration.