SouthState Corporation (SSB) and Independent Financial Join Forces in Major Merger to Strengthen U.S. Presence

On January 1, 2025, SouthState Corporation (NYSE: SSB) officially completed the acquisition of Independent Bank Group, Inc. (NASDAQ: IBTX), commonly known as Independent Financial. The acquisition marks a significant milestone in SouthState’s strategy to expand its footprint across the U.S., with a particular focus on growing markets such as Texas and Colorado.

This merger not only strengthens SouthState's financial position but also elevates its asset size to an impressive $65 billion, making it a formidable force in the financial services industry.

A Strategic Move into Key Markets

With the merger of Independent Financial and SouthState, the combined entity has successfully bolstered its presence in Texas, a key region for both companies. Additionally, SouthState has now made its entrance into Colorado, broadening its geographical reach. The strategic acquisition represents SouthState's commitment to tapping into some of the fastest-growing markets in the United States, ensuring continued growth in the coming years.

John Corbett, CEO of SouthState, expressed his enthusiasm for the completion of the transaction: "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," he said. "Together, we will continue building our company with an entrepreneurial business model in the fastest-growing markets in the country."

Expanded Leadership and Governance

Following the merger, SouthState also announced an expansion of its leadership team. Three former Independent Financial directors have been appointed to SouthState’s board of directors, bringing fresh perspectives to the company's strategic direction. The boards of both SouthState and SouthState Bank, N.A. will now increase from 12 to 15 members.

These new appointments include some impressive individuals with vast experience in banking, finance, and community service.

David R. Brooks - Former Chairman and CEO of Independent Financial, Brooks has decades of experience in community banking. His leadership in acquiring Independent Bank in 1988 and his current role as Chairman of Capital Southwest Corporation add significant depth to SouthState’s board.

Janet Froetscher - As the former CEO of Special Olympics, Froetscher brings her expertise in leading large, global teams. She is also the President of the J.B. and M.K. Pritzker Family Foundation, which focuses on innovative social solutions. Her governance experience will undoubtedly enrich SouthState’s efforts to expand in Texas and beyond.

G. Stacy Smith - Smith is the Managing Partner of SCW Capital, L.P., a private equity hedge fund. He also serves as an advisor to EAW Energy Partners and is involved in private equity investments. His financial expertise will help guide SouthState in managing its expanded asset base effectively.

SouthState's Nationwide Reach

SouthState Corporation, headquartered in Winter Haven, Florida, continues to grow its footprint across the U.S. With a focus on providing consumer, commercial, mortgage, and wealth management solutions, SouthState Bank serves more than 1.5 million customers in Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, and Virginia. Additionally, the bank operates nationwide through its correspondent banking division, solidifying its presence as a key player in the financial services sector.

This merger is expected to drive more growth, innovation, and customer-centric solutions as SouthState Bank continues to serve an expanding base of clients across the country.

Looking Ahead: A Future of Growth and Opportunity

As the merger between SouthState and Independent Financial becomes official, the financial world will be watching closely to see how this expanded entity will perform. The combination of two strong financial institutions with complementary strengths sets the stage for increased market share, enhanced customer experiences, and a broader array of products and services.

John Corbett and the rest of the SouthState leadership team are confident that this acquisition will bring lasting success for both the company and its customers, reinforcing their position as one of the fastest-growing financial services providers in the country.