SouthState Corp. acquired Independent Bank Group and had merged with Independent Financial effective Jan. 1, the companies said Thursday.
Independent Bank has merged into SouthState, making the total combined assets equal to an estimated $65 billion. The merger will increase SouthState’s presence in Texas, and enter the bank into Colorado, officials said.
“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,” John Corbett, SouthState CEO, said. “Together, we will continue building our company with an entrepreneurial business model in the fastest growing markets in the country.”
The merger will also add three members from Independent Financial to the boards of SouthState and SouthState Bank, increasing each from 12 to 15 members. Former Independent Financial chairman and CEO David Brooks, former Independent Financial director Janet Foetscher, and former Independent Financial independent director, G. Stacy Smith will join both boards, officials said.
Headquarters in Winter Haven, FL, SouthState Corp. provided financial services to more than 1.5 million customers in Florida, Texas, North Carolina, South Carolina, Georgia, Colorado, Alabama and Virginia. The bank also provides serves through its correspondent banking division.