SouthState Corporation announced that it has received all required regulatory approvals for its previously announced merger with Independent Bank Group, Inc. The Board of Governors of the Federal Reserve System approved SouthState's application for the holding company merger on December 13, 2024.
Concurrently, the Office of the Comptroller of the Currency also approved SouthState's application to complete the merger between its bank subsidiary, SouthState Bank, National Association, and Independent Bank. These approvals clear the path for the transaction to proceed as planned.
The completion of the mergers remains subject to customary closing conditions. Assuming these conditions are satisfied, the mergers are expected to close on or about January 1, 2025. This marks a significant step towards SouthState's strategic expansion.
The receipt of these regulatory approvals provides certainty regarding the merger, which is a key component of SouthState's strategy to enhance its scale and market presence. This development is crucial for the integration process and future growth prospects of the combined entity.
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