Independent Bank Group (NASDAQ:IBTX) Receives Regulatory Approvals for Merger with SouthState Corporation

Independent Bank Group, Inc. announced in a recent filing with the Securities and Exchange Commission that on December 13, 2024, the Board of Governors of the Federal Reserve System approved SouthState Corporation’s application for the merger with Independent Bank Group, Inc. This approval was in line with the Agreement and Plan of Merger dated as of May 17, 2024, between SouthState and Independent Bank Group. Additionally, on the same day, the Office of the Comptroller of the Currency also approved SouthState’s application for the merger between their respective bank subsidiaries, SouthState Bank, National Association and Independent Bank (d/b/a Independent Financial).

The regulatory approvals mark a significant milestone in the merger process. All necessary approvals are now in place for the completion of the holding company merger and the bank merger, collectively referred to as the mergers. The company stated that the completion of the mergers is subject to customary closing conditions and, assuming these conditions are met, the mergers are expected to close around January 1, 2025.

In light of these developments, Independent Bank Group issued a cautionary note regarding forward-looking statements in the filing. The company highlighted that forward-looking statements often involve uncertainties and risks. Factors beyond the control of Independent Bank Group and SouthState Corporation could lead to actual results differing from those anticipated in these statements.

Investors and stakeholders were urged to carefully consider the risks and uncertainties outlined in the filing when evaluating these forward-looking statements. Independent Bank Group and SouthState Corporation emphasized that any updates to forward-looking statements should not be interpreted as a guarantee of future updates beyond what is required by law.

For additional information on Independent Bank Group, investors and security holders can access relevant documents through the SEC website or directly from the companies’ websites.

This article is based on the information in a recent 8-K filing by Independent Bank Group, Inc., providing insights into the regulatory progress of its merger with SouthState Corporation.

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

Independent Bank Group Company Profile

Independent Bank Group, Inc, through its subsidiary, Independent Bank provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.