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SouthState Corporation (NYSE: SSB) has agreed to acquire Independent Bank Group (NASDAQ: IBTX) in an all-stock transaction valued at $2 billion, officials announced through a press release.
The combined company will have total assets of $65 billion, deposits of $55 billion, gross loans of $48 billion upon the completion of the transaction, and a market capitalization of approximately $8.2 billion, based on the closing stock price of SouthState as of Friday.
The transaction is expected to close by the end of the first quarter of 2025.
Independent Bank Group, based in McKinney, has approximately $18.9 billion in total assets, $15.7 billion in total deposits and $14.6 billion in total loans as of March 31. It operates in four market regions located in Dallas-Fort Worth, Austin and Houston areas in Texas, and the Colorado Front Range.
Its Fort Worth location is at 1300 University Dr. It also had branches in Burleson and Grapevine.
SouthState is based in Winter Haven, Florida.
"We are excited about the opportunity to join SouthState, a company whose culture, business model and credit discipline matches well with ours," said David R. Brooks, chairman and CEO of Independent Bank Group, in a statement. "The combination of these two companies operating in growing markets provides a great opportunity for our Independent Bank Group teammates, clients and communities to flourish."
The new company will have a presence in 12 of the 15 fastest-growing metros in the U.S.
Raymond James & Associates, Inc. is serving as exclusive financial adviser to SouthState. Davis Polk & Wardwell LLP is serving as legal counsel. Keefe, Bruyette & Woods is serving as exclusive financial adviser to Independent Bank Group. Wachtell, Lipton, Rosen & Katz is serving as legal counsel."I have known and respected David for several years, and I look forward to welcoming the Independent Bank Group team to our company and working together to capitalize on the great opportunities ahead of us," said John C. Corbett, SouthState CEO.
"With a local, geographic management model, an industry-leading track record on credit and a presence in some of the best markets in the country, Independent Bank Group is a great fit with SouthState."