McKinney-based Independent Bank Group acquired by Florida bank

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McKinney-based Independent Bank Group is being acquired by Florida-based SouthState Bank in a deal valued at $2 billion. The acquisition is expected to close...

Independent Bank Group was acquired by Florida-based SouthState Bank. The deal is expected to close in early 2025.

The new company will hold $65 billion in total assets, $55 billion in deposits and $48 billion in gross loans. According to the company’s, SouthState and Independent expect to have $8.2 billion in market capitalization, the total value of a company’s publicly traded common shares.“We are excited about the opportunity to join SouthState, a company whose culture, business model and credit discipline matches well with ours,” said David Brooks, Independent’s Chairman and 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,” said SouthState chief executive John Corbett.that Independent needed to be a bigger player in the merger and acquisition space after a rough 2023 saw the company experience an increase in nonperforming loans amid higher FDIC assessment and liquidity stress rates.

Source: News Formal (newsformal.com)

 

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