SouthState Corporation announced the successful closing of its acquisition of Independent Bank Group, Inc. on January 1, 2025. The all-stock merger involved Independent Financial merging into SouthState, followed by Independent Bank merging into SouthState Bank, N.A. This strategic transaction significantly enhances SouthState's scale and market reach.
As a result of the merger, the combined company's total assets have grown to approximately $65 billion. This expansion includes a strengthened presence in Texas and a new entry into the Colorado market, aligning with SouthState's strategy to grow in high-growth Sunbelt states.
In connection with the merger, three former Independent Financial directors, David R. Brooks, Janet Froetscher, and G. Stacy Smith, were appointed to the boards of SouthState and SouthState Bank. This integration of leadership aims to ensure continuity and leverage expertise from the acquired entity.
John Corbett, SouthState Chief Executive Officer, stated that the company will continue building with an entrepreneurial business model in the fastest-growing markets. The acquisition is a pivotal step in SouthState's strategic evolution into a formidable regional banking powerhouse, serving over 1.5 million customers across an expanded footprint.
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