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Home ยป SouthState completes merger with Independent Financials
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SouthState completes merger with Independent Financials

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Expands Presence in Texas and Colorado and Appoints Three New Board Members

Winter Haven, Florida, January 2, 2025 / Prnewswire / – Southstate Corporation (NYSE: Ssb) ("Southstate" or the "Company") announced the successful completion of its acquisition of Independent Bank Group, Inc. (Nasdaq: Ibtx) ("Independent Financial") on January 1, 2025. As part of this merger, Independent Financial’s subsidiary, Independent Bank, also merged with Southstate Bank on the same date. This consolidation enhances the Company’s footprint in Texas and Colorado, increasing its total assets to around $65 billion.

"It has been a pleasure collaborating with the Independent Financial team since our initial announcement, and we are pleased to have finalized the transaction on schedule," stated John Corbett, Managing Director of Southstate. "Together, we will continue to advance our business with an entrepreneurial approach in some of the fastest-growing markets in the nation."

Following the merger, the Company revealed the addition of three Independent Financial board members to the boards of Southstate and Southstate Bank, raising the board sizes from 12 to 15 members.

David R. Brooks, formerly the president and CEO of Independent Financial, began his banking career in the 1980s and has been involved in community banking since leading the group that acquired Independent Bank in 1988. Brooks currently serves as president of Capital Southwest Corporation and was previously CFO at Baylor University from 2000 to 2004. In 2018, he was inducted into the Texas Bankers Hall of Fame.

Janet Froetscher, a former director at Independent Financial, currently presides over the JB and MK Pritzker Family Foundation, a private entity focused on innovative problem-solving strategies. From 2013 to 2016, she was the CEO of the Special Olympics, overseeing operations in over 170 countries. She also sits on the board of CBOE Global Markets.

G. Stacy Smith, the former chairman of Independent Financial, serves as the managing director of SCW Capital, LP, an investment firm specializing in financial and energy sectors since August 2013. He is also a co-founder of Trinity Investment Group and an advisor to EAW Energy Partners, focusing on oil and gas acquisitions.

Southstate Corporation (NYSE: Ssb) is a financial services firm headquartered in Winter Haven, Florida. Southstate Bank, the Company’s national chartered bank subsidiary, offers consumer, commercial, mortgage, and wealth management services to over 1.5 million clients in Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, and Virginia, as well as nationwide through its correspondent banking division. For more information, visit Southstatebank.com.

SOURCE: SOUTHSTATE CORPORATION

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