US-based financial services company SouthState has expanded its geographic footprint into Colorado through the acquisition of Independent Bank Group (Independent Financial).
As per the terms of the deal, Independent Financial merged with and into SouthState.
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The merger, which was completed on 1 January, is expected to increase SouthState’s asset size to approximately $65bn and bolster its footprint in Texas.
Following the merger, Independent Bank, a subsidiary of Independent Financial, was consolidated with SouthState Bank.
Concurrently, SouthState appointed three Independent Financial directors —- David Brooks, Janet Froetscher, and G Stacy Smith – to the boards of the company and SouthState Bank.
This move will expand each board from a total of 12 to 15 members.
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By GlobalDataBrooks is the former Independent Financial chairman and CEO and led an investor group that acquired Independent Bank in 1988.
He also serves as Capital Southwest Corporation chairman and was inducted into The Texas Bankers Hall of Fame in 2018.
Janet Froetscher, another appointee, is currently J.B and M.K. Pritzker Family Foundation president. She has held significant leadership roles, including Special Olympics CEO from 2013 to 2016.
Smith, the former lead independent director of Independent Financial, is SCW Capital managing partner and Trinity Investment Group co-founder.
SouthState CEO John Corbett 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.
“Together, we will continue building our company with an entrepreneurial business model in the fastest growing markets in the country.”
SouthState acquired Atlanta-based Atlantic Capital Bancshares in an all-stock transaction valued at approximately $542m in July 2021.
