SouthState Closes Merger with Independent Financial
SouthState (NYSE: SSB) has completed its acquisition of Independent Bank Group (NASDAQ: IBTX) on January 1, 2025. The merger includes the integration of Independent Bank into SouthState Bank, N.A., expanding SouthState's presence in Texas and marking its entry into Colorado. The combined entity now has approximately $65 billion in assets.
As part of the merger, three former Independent Financial directors have joined the boards of SouthState and SouthState Bank, increasing board membership from 12 to 15. The new board members are David R. Brooks (former Independent Financial chairman and CEO), Janet Froetscher (former director and current President of J.B and M.K. Pritzker Family Foundation), and G. Stacy Smith (former lead independent director and Managing Partner of SCW Capital).
SouthState (NYSE: SSB) ha completato l'acquisizione di Independent Bank Group (NASDAQ: IBTX) il 1 gennaio 2025. La fusione include l'integrazione di Independent Bank in SouthState Bank, N.A., espandendo la presenza di SouthState in Texas e segnando il suo ingresso in Colorado. L'entit脿 combinata ora ha circa 65 miliardi di dollari in attivi.
Come parte della fusione, tre ex direttori di Independent Financial sono entrati nei consigli di amministrazione di SouthState e SouthState Bank, aumentando i membri del consiglio da 12 a 15. I nuovi membri del consiglio sono David R. Brooks (ex presidente e CEO di Independent Financial), Janet Froetscher (ex direttore e attuale presidente della J.B e M.K. Pritzker Family Foundation) e G. Stacy Smith (ex direttore indipendente principale e Managing Partner di SCW Capital).
SouthState (NYSE: SSB) ha completado su adquisici贸n de Independent Bank Group (NASDAQ: IBTX) el 1 de enero de 2025. La fusi贸n incluye la integraci贸n de Independent Bank en SouthState Bank, N.A., expandiendo la presencia de SouthState en Texas y marcando su entrada en Colorado. La entidad combinada ahora tiene aproximadamente 65 mil millones de d贸lares en activos.
Como parte de la fusi贸n, tres exdirectores de Independent Financial se han unido a los consejos de administraci贸n de SouthState y SouthState Bank, aumentando la membres铆a del consejo de 12 a 15. Los nuevos miembros del consejo son David R. Brooks (ex presidente y CEO de Independent Financial), Janet Froetscher (ex directora y actual presidenta de la J.B y M.K. Pritzker Family Foundation) y G. Stacy Smith (ex director independiente principal y socio gerente de SCW Capital).
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SouthState (NYSE: SSB) a achev茅 son acquisition du Independent Bank Group (NASDAQ: IBTX) le 1er janvier 2025. La fusion inclut l'int茅gration d'Independent Bank dans SouthState Bank, N.A., 茅largissant la pr茅sence de SouthState au Texas et marquant son entr茅e dans le Colorado. L'entit茅 combin茅e poss猫de d茅sormais environ 65 milliards de dollars d'actifs.
Dans le cadre de la fusion, trois anciens directeurs d'Independent Financial ont rejoint les conseils d'administration de SouthState et de SouthState Bank, augmentant le nombre de membres du conseil de 12 脿 15. Les nouveaux membres du conseil sont David R. Brooks (ancien pr茅sident et CEO d'Independent Financial), Janet Froetscher (ancienne directrice et actuelle pr茅sidente de la J.B et M.K. Pritzker Family Foundation), et G. Stacy Smith (ancien directeur ind茅pendant principal et associ茅 directeur de SCW Capital).
SouthState (NYSE: SSB) hat am 1. Januar 2025 die 脺bernahme der Independent Bank Group (NASDAQ: IBTX) abgeschlossen. Die Fusion umfasst die Integration der Independent Bank in SouthState Bank, N.A. und erweitert die Pr盲senz von SouthState in Texas und markiert seinen Eintritt in Colorado. Das kombinierte Unternehmen hat jetzt ungef盲hr 65 Milliarden Dollar an Verm枚genswerten.
Im Rahmen der Fusion sind drei ehemalige Direktorinnen und Direktoren von Independent Financial in die Aufsichtsr盲te von SouthState und SouthState Bank eingetreten, wodurch die Mitgliederzahl des Vorstands von 12 auf 15 erh枚ht wurde. Die neuen Vorstandsmitglieder sind David R. Brooks (ehemaliger Vorstandsvorsitzender und CEO von Independent Financial), Janet Froetscher (ehemalige Direktorin und derzeitige Pr盲sidentin der J.B. und M.K. Pritzker Family Foundation) und G. Stacy Smith (ehemaliger leitender unabh盲ngiger Direktor und Managing Partner von SCW Capital).
- Expansion into new markets (Texas and Colorado)
- Significant increase in asset size to $65 billion
- Strategic board expansion with experienced directors
- Completed merger on schedule as planned
- None.
Insights
This merger represents a significant strategic expansion creating a
Key strategic benefits include geographical diversification, enhanced operational scale and improved competitive positioning in attractive markets. The addition of Independent Financial's Texas presence is particularly valuable given the state's robust economic growth and favorable banking environment. The merger's completion on schedule suggests smooth regulatory approval and well-executed integration planning.
For IBTX shareholders, this merger provides an opportunity to participate in a larger, more diversified banking platform. The appointment of three Independent Financial directors to SouthState's board ensures continuity and representation of IBTX's interests in the combined entity's governance structure.
This consolidation exemplifies the ongoing trend of mid-size regional banks pursuing strategic mergers to achieve competitive scale. The combined
The merger's geographical focus on high-growth markets like Texas and Colorado is noteworthy. These markets offer superior demographic trends, business formation rates and economic growth potential compared to national averages. Texas, in particular, has shown remarkable resilience in banking sector performance with strong loan growth and deposit stability.
The retention of key Independent Financial leadership through board appointments suggests a thoughtful approach to cultural integration and relationship continuity. David Brooks' extensive community banking experience and local market knowledge will be valuable assets for the combined entity's Texas operations.
Expands Presence in TX & CO and Adds Three Board Members
"It's been a pleasure working with the team at Independent Financial since our announcement and we are pleased to close the transaction on schedule," said John Corbett, SouthState Chief Executive Officer. "Together, we will continue building our company with an entrepreneurial business model in the fastest growing markets in the country."
In connection with the merger, the Company announced the appointment of three Independent Financial directors to the boards of SouthState and SouthState Bank, increasing the size of each board from 12 to 15 members.
David R. Brooks, former Independent Financial chairman and CEO, began his banking career in the early 1980s and has been active in community banking since he led the investor group that acquired Independent Bank in 1988. Brooks currently serves as Chairman of Capital Southwest Corporation, and previously served as the Chief Financial Officer at Baylor University from 2000 to 2004. In 2018, Brooks was inducted into The Texas Bankers Hall of Fame.
Janet Froetscher, former director of Independent Financial, currently services as President of the J.B and M.K. Pritzker Family Foundation, a private foundation committed to innovative strategies for solving society's most challenging problems, a position she has held since 2016. Previously, Froetscher was the Chief Executive Officer of Special Olympics from 2013 to 2016, where she led a global team with operations and affiliates in more than 170 countries. She is a Board member of the Cboe Global Markets.
G. Stacy Smith, former lead independent director of Independent Financial, is the Managing Partner of SCW Capital, L.P., a private equity hedge fund focusing on financial and energy sectors, a position he has held since August 2013. Smith is also co-founder of and an active partner in Trinity Investment Group, which invests in private equity, public equity and hard assets. In addition, he serves as an advisor of EAW Energy Partners, an oil and gas minerals acquisition firm.
SouthState Corporation (NYSE: SSB) is a financial services company headquartered in
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