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

SouthState Corporation announced on December 13, 2024, that the Board of Governors of the Federal Reserve System has approved its application for the holding company merger with Independent Bank Group, Inc. Additionally, the Office of the Comptroller of the Currency has sanctioned the merger of SouthState Bank, National Association, and Independent Bank under the Merger Agreement. With these approvals, all required regulatory consents for the mergers have been secured.

The completion of the mergers is pending customary closing conditions and is anticipated to finalize around January 1, 2025. Both parties, SouthState and Independent Bank Group, confirmed that assumptions, plans, and estimates for future business operations lie at the core of these significant developments, subject to known and unknown risks.

The companies caution that future results may deviate from current expectations due to uncertainties and changes beyond their control. Various factors, including legal proceedings, market conditions, and regulatory approvals, could impact the outcome of the mergers. Additionally, unforeseen scenarios such as natural disasters, changes in economic conditions, and integration challenges could affect the actual results post-merger.

SouthState and Independent Bank advise shareholders and investors to carefully consider all risks and uncertainties associated with forward-looking statements. They emphasize the evolving nature of assumptions and urge a cautious approach when relying on future projections. The entities have pledged to provide updates as required by law and recommend referencing their respective SEC filings for a comprehensive understanding of potential risks and influencing factors.

Interested parties can access detailed information about the merger by reviewing SouthState’s Form S-4, which has been declared effective by the SEC. The joint proxy statement and prospectus, part of the registration statement, offer crucial insights related to the transaction. Individuals are encouraged to acquire copies of these documents and stay informed about the proposed merger through the SEC’s website or by contacting the investor relations department of SouthState or Independent Bank Group.

In conclusion, SouthState’s merger progress with Independent Bank Group signifies a milestone in their collaboration, subject to the prevailing conditions and regulatory framework. The companies advise stakeholders to remain vigilant amidst the evolving landscape of risks and opportunities post-merger.

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

About SouthState

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.