Expands Presence in TX & CO and Adds Three Board
Members
WINTER
HAVEN, Fla., Jan. 2, 2025
/PRNewswire/ -- SouthState Corporation (NYSE: SSB) ("SouthState" or
the "Company") today announced the closing of its acquisition of
Independent Bank Group, Inc. (NASDAQ: IBTX) ("Independent
Financial") 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. ("SouthState Bank"). As a result of these transactions,
the combined company has expanded its presence in Texas, entered Colorado, and increased its asset size to
approximately $65 billion.
"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," said John
Corbett, SouthState Chief Executive Officer. "Together, we
will continue building our company with an entrepreneurial business
model in the fastest growing markets in the country."
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.
David R. Brooks, former
Independent Financial chairman and CEO, began his banking career in
the early 1980s and has been active in community banking since he
led the investor group that acquired Independent Bank in 1988.
Brooks currently serves as Chairman of Capital Southwest
Corporation, and previously served as the Chief Financial Officer
at Baylor University from 2000 to 2004.
In 2018, Brooks was inducted into The Texas Bankers Hall of
Fame.
Janet Froetscher, former
director of Independent Financial, currently services as President
of the J.B and M.K. Pritzker Family Foundation, a private
foundation committed to innovative strategies for solving society's
most challenging problems, a position she has held since 2016.
Previously, Froetscher was the Chief Executive Officer of Special
Olympics from 2013 to 2016, where she led a global team with
operations and affiliates in more than 170 countries. She is a
Board member of the Cboe Global Markets.
G. Stacy Smith, former
lead independent director of Independent Financial, is the Managing
Partner of SCW Capital, L.P., a private equity hedge fund focusing
on financial and energy sectors, a position he has held since
August 2013. Smith is also co-founder
of and an active partner in Trinity Investment Group, which invests
in private equity, public equity and hard assets. In addition, he
serves as an advisor of EAW Energy Partners, an oil and gas
minerals acquisition firm.
SouthState Corporation (NYSE: SSB) is a financial services
company headquartered in Winter Haven,
Florida. SouthState Bank, N.A., the company's nationally
chartered bank subsidiary, provides consumer, commercial, mortgage
and wealth management solutions to more than 1.5 million customers
throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, and Virginia. The bank also serves clients
nationwide through its correspondent banking division. Additional
information is available at SouthStateBank.com.
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SOURCE SouthState Corporation
