Independent Bank Group, the parent company of Independent Financial, will be acquired by Florida-based SouthState Corporation, according to a May 20 news release.

The details

The combined companies will hold over $65 billion in assets, according to a release from Independent Financial. The roughly $2 billion transaction is expected to be completed in early 2025, a news release stated. Independent Financial customers can continue regular banking services ahead of the company’s conversion to SouthState Bank.

"We are excited about the opportunity to join SouthState, a company whose culture, business model and credit discipline matches well with ours," David R. Brooks, chairman and CEO of Independent Bank Group, said in the release.

Diving deeper

McKinney-based Independent Financial operates 177 branches and ATMs across Dallas-Fort Worth, Austin, Houston and Colorado.

McKinney is home to three Independent Financial branch locations, as well as the company’s $150 million headquarters campus. The company also employs over 1,500 people, according to data from the McKinney Economic Development Corporation.

SouthState Bank operates over 240 branches and ATMs in six states, according to its website.

“I look forward to welcoming the Independent Bank Group team to our company and working together to capitalize on the great opportunities ahead of us," SouthState Corporation CEO John C. Corbett said in the release.

Also of note

The acquisition comes nearly five years after Independent Financial announced a merger with Texas Capital Bank.

The deal was ultimately terminated due to economic conditions related to the COVID-19 pandemic, as previously reported by Community Impact Newspaper.