South State closes merger with Independent Financial

SouthState Corporation (SSB) announced the closing of its acquisition of Independent Bank Group, Inc. (IBTX) on January 1, 2025, through the merger of Independent Financial with and into SouthState. Immediately after the merger, also on January 1, 2025, Independent Financial’s subsidiary bank, Independent Bank, merged with and into SouthState Bank, N.A. As a result of these transactions, the combined company has expanded its presence in Texas, entered Colorado, and increased its asset size to approximately $65B. 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.