SouthState Corporation (NYSE: SSB) Completes Merger with Independent Bank Group, Inc.

SouthState Corporation recently finalized its merger with Independent Bank Group, Inc., marking a significant milestone for the financial industry. The merger, completed on January 1, 2025, involved the integration of Independent Bank Group, Inc. into SouthState Corporation, in accordance with the Agreement and Plan of Merger initiated on May 17, 2024.

As per the merger agreement, Independent Bank Group, Inc. merged into SouthState, with SouthState emerging as the surviving corporation. Additionally, Independent Bank, operating as Independent Financial, merged with SouthState Bank, National Association, with the latter continuing as the surviving bank. The completion of this merger resulted in significant organizational shifts within the company.

Under the terms of the merger agreement, each outstanding share of Independent Bank Group, Inc.’s common stock, other than select shares, was converted into the right to receive 0.60 shares of SouthState Corporation’s common stock. The merger also involved the conversion of outstanding restricted stock awards and performance restricted stock unit awards into shares of SouthState Common Stock.

The merger transaction saw an approximate issuance of 24.9 million shares of SouthState Common Stock. This issuance was registered under the Securities Act of 1933 through a registration statement filed by the Company and declared effective on July 16, 2024.

Following the merger, SouthState Corporation also assumed the financial obligations associated with Independent Bank Group, Inc.’s trust preferred securities and subordinated notes. The Company effectively took over responsibilities concerning the Trust Preferred Securities, 2030 Notes, and 2034 Notes as part of the transaction.

Moreover, as a result of the merger, Independent Bank Group, Inc. is no longer in existence as a separate legal entity. Consequently, the NASDAQ Global Select Market has been notified, with steps taken to delist IBTX common stock from the exchange.

Looking ahead, SouthState Corporation is set to announce its quarterly earnings results for the fourth quarter of 2024 on Thursday, January 23, 2025. Following the release, interested parties can access the earnings results on the Company’s website. A conference call to discuss these results is scheduled for Friday, January 24, 2025, offering investors valuable insights into the financial performance of the corporation.

Participants can join the conference call, hosted by Will Matthews, Chief Financial Officer, and may also participate in the event through a live webcast accessible on SouthState Corporation’s website. An audio replay of the presentation is expected to be available through the Investor Relations section of the website by the evening of January 24, 2025.

For further information about the merger or the upcoming earnings release, interested individuals can refer to the official press releases attached to the SEC filings related to these events.

This article is based on the 8-K SEC Filing submitted by SouthState Corporation. It provides an overview of the recent developments within the company and highlights key information for investors and stakeholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SouthState’s 8K filing here.

About SouthState

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.