Published on 21 May 2024 on Zacks via Yahoo Finance

SouthState (SSB) to Acquire Independent Bank for $2 Billion

SouthState Corporation SSB entered into a merger agreement to acquire Independent Bank Group, Inc. IBTX in an all-stock transaction valued at approximately $2 billion.Independent Bank is headquartered in McKinney, TX, and had $18.9 billion in total assets, $15.7 billion in total deposits and $14.6 billion in total loans as of Mar 31, 2024.Upon completion of the acquisition, the combined company will have pro forma total assets of $65 billion, deposits of $55 billion, gross loans of $48 billion and a market capitalization of approximately $8.2 billion, based on the closing share price of SSB as of May 17, 2024.

Terms of the Agreement

Per the agreement, IBTX stockholders will receive 0.60 shares of SSB’s common stock for each outstanding share of IBTX common stock held. This values the deal at $48.51 per share based on SSB’s closing price of $80.85 on May 17, 2024.Additionally, three of the IBTX’s directors will join the SouthState Corporation board and the SouthState Bank board.Completion of this transaction is subject to customary closing norms, including obtaining necessary regulatory approvals and consent by both SSB and IBTX’s shareholders. The transaction is expected to close by the end of first-quarter 2025.