SouthState bank to buy Independent Bank Group for $2B

SouthState bank to buy Independent Bank Group for $2B

Independent Bank Group has $18.9B in total assets, $15.7B in total deposits and $14.6B in total loans as of end of March

By Gokhan Ergocun

ISTANBUL (AA) – US-based private bank SouthState Corporation will acquire another lender Independent Bank Group for around $2 billion.

According to a joint press release issued by both banks on Monday, Independent Bank Group, headquartered in McKinney, Texas, has approximately $18.9 billion in total assets, $15.7 billion in total deposits and $14.6 billion in total loans as of the end of March.

Independent Bank Group operates in four market regions, including Dallas/Fort Worth, Austin and Houston areas in Texas, as well as the Colorado Front Range.

SouthState CEO John C. Corbett said: "With a local, geographic management model, an industry-leading track record on credit and a presence in some of the best markets in the country, Independent Bank Group is a great fit with SouthState."

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