In a strategic move to cement its influence across the Southeast, SouthState Bank announced it will acquire Independent Bank for $2 billion. This acquisition completes SouthState’s geographical ‘triangle’ of influence with key hubs in Tampa, Atlanta, and now Dallas. Upon completion in early 2025, the combined entity will be a $65 billion franchise with 340 branches across 12 states. SouthState’s CEO John Corbett emphasized the importance of the deal in strengthening the bank’s capabilities rather than just growing in size. The consolidation trend in the banking industry is driven by increasing regulatory burdens, making mergers essential for survival. The deal reflects SouthState’s strategic focus on high-growth markets, predominantly in the Southeast, including Florida, Texas, South Carolina, and Georgia. The acquisition will incorporate Independent Bank’s $18.9 billion in assets and $15.7 billion in deposits, positioning SouthState as a significant regional player.
Banking and Financial Services, Mergers and Acquisitions,United States, Southeast
https://mergersacquisitions.einnews.com/article/718094674/N3WIUJDkHdWgOfsU?ref=rss&ecode=Q1vNcweEggLWKz7L