Mergers and Acquisitions |
6 Months Ended |
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Jun. 30, 2024 | |
Mergers and Acquisitions | |
Mergers and Acquisitions | Note 4 — Mergers and Acquisitions Announcement of Merger between SouthState and Independent Bank Group, Inc. (“Independent”) On May 20, 2024, the Company and Independent, a Texas-based corporation, announced that the companies have entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Independent will merge with and into the Company, with the Company continuing as the surviving corporation in the merger. Immediately following the merger, Independent’s wholly owned banking subsidiary, Independent Bank will merge with and into the Company’s wholly owned banking subsidiary, SouthState Bank, National Association, which will continue as the surviving bank in the bank merger. The Merger Agreement was approved by the Boards of Directors of the Company and Independent by the unanimous vote of the directors present at the applicable meeting. The merger is subject to approvals by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (“Federal Reserve”), and the Company’s and Independent’s shareholders. Under the terms of the Merger Agreement, shareholders of Independent will receive 0.60 shares of the Company’s common stock for each share of Independent common stock they own. The transaction is expected to close during the first quarter of 2025, subject to the satisfaction of customary closing conditions, including receipt of required statutory approvals and approval by the shareholders of each of the Company and Independent. At June 30, 2024, Independent reported $18.4 billion in total assets, $14.6 billion in loans and $15.8 billion in deposits. |