WINTER HAVEN, Fla. - SouthState Corporation (NYSE: SSB) has finalized its acquisition of Independent Bank Group, Inc. (NASDAQ: NASDAQ:IBTX), the company announced on Monday. The merger, which was completed on January 1, 2025, combined Independent (LON:IOG) Financial with SouthState, subsequently merging Independent Bank (NASDAQ:INDB) into SouthState Bank, N.A. This strategic move has broadened SouthState’s footprint in Texas and Colorado and has increased the company’s assets to an estimated $65 billion.
John Corbett, SouthState’s CEO, expressed satisfaction with the timely closure of the transaction and the opportunity for growth in some of the fastest-growing markets in the United States. As part of the merger, SouthState has welcomed three former Independent Financial directors to its boards, expanding each board from 12 to 15 members.
The new board members bring a wealth of experience. David R. Brooks, former chairman and CEO of Independent Financial, has been involved in community banking since the 1980s and has been recognized for his contributions to the industry. Janet Froetscher, a former director at Independent Financial, is the President of a philanthropic foundation and has extensive experience in leadership roles, including as CEO of Special Olympics. G. Stacy Smith, the former lead independent director at Independent Financial, has a background in private equity and financial advisory, with a focus on the financial and energy sectors.
SouthState Corporation, headquartered in Winter Haven, Florida, is a financial services company with a nationally chartered bank subsidiary, SouthState Bank, N.A. The bank provides a range of services to over 1.5 million customers across multiple states and offers nationwide services through its correspondent banking division. The company has demonstrated strong momentum, with a notable 30.37% price increase over the past six months. For detailed analysis and additional insights, including 6 more exclusive ProTips, visit InvestingPro, where you can access comprehensive research reports covering 1,400+ top US stocks.
The merger is part of SouthState’s strategy to grow its presence and services within the United States. The information regarding this merger is based on a press release statement from SouthState Corporation.
In other recent news, SouthState Corporation has secured final regulatory approvals for its merger with Independent Bank Group, Inc. This development follows the Federal Reserve Board and the Office of the Comptroller of the Currency’s approval of the merger applications. The mergers involve SouthState Bank, National Association, and Independent Bank, operating as Independent Financial. The completion of the mergers is subject to customary closing conditions and is expected to occur in early 2025.
SouthState Corporation also reported strong financial performance, with operating earnings per share (EPS) of $1.90, surpassing the consensus estimate of $1.65. The company’s core pre-provision net revenue (PPNR) of $183.4 million exceeded the consensus forecast of $181.4 million. Stephens, a financial services firm, raised its price target for South State (NYSE:SSB) Corporation shares to $105.00, citing these earnings results.
In addition, Truist Securities adjusted its price target for South State Corporation shares to $103 from the previous $111, while retaining a Hold rating. The firm revised its Core EPS estimates for 2024, 2025, and 2026 upwards, citing increased fees, decreased provisioning for credit losses, and reduced expenses. Piper Sandler also adjusted its stance on South State, raising its price target from $110 to $112, citing effective expense management and the potential for further loan loss reserve releases.
These are recent developments in SouthState Corporation’s ongoing activities and financial performance.
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