SouthState Completes Merger with Independent Financial
Deal News | Jan 02, 2025 | EIN
SouthState Corporation has successfully completed its merger with Independent Financial, as announced by SouthState's CEO, John Corbett. The merger aims to bolster SouthState's presence in rapidly growing markets while expanding its board from 12 to 15 members with the inclusion of three Independent Financial directors. David R. Brooks, Janet Froetscher, and G. Stacy Smith are the newly appointed board members, each bringing a wealth of experience from the financial and philanthropic sectors. Key points include Brooks's extensive history in community banking, Froetscher's leadership in global nonprofit initiatives, and Smith's focus on financial and energy investments. SouthState, headquartered in Florida, extends its banking services through an extensive regional and national network.
Sectors
- Financial Services
- Private Equity
Geography
- United States – Both SouthState Corporation and Independent Financial operate extensively throughout the United States, with SouthState's operations spanning multiple states.
Industry
- Financial Services – The merger between SouthState Corporation and Independent Financial involves entities in the financial services sector, focusing on banking and monetary solutions.
- Private Equity – Independent Financial's former director G. Stacy Smith is associated with private equity through SCW Capital, indicating a private equity interest involved in the board reshuffle.
Financials
- Not Disclosed – The financial terms of the merger between SouthState Corporation and Independent Financial were not disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SouthState Corporation | Acquiring Company | Company | A financial services company headquartered in Winter Haven, Florida, providing a range of banking solutions. |
| Independent Financial | Target Company | Company | A financial entity acquired by SouthState, offering community-based banking solutions. |
| John Corbett | CEO | Person | Chief Executive Officer of SouthState Corporation, overseeing the merger. |
| David R. Brooks | Board Member | Person | Former Chairman and CEO of Independent Financial, now a board member of SouthState. |
| Janet Froetscher | Board Member | Person | Former director of Independent Financial, now serving on the SouthState board. |
| G. Stacy Smith | Board Member | Person | Former lead independent director of Independent Financial, now on SouthState's board. |