Based on SouthState's closing price of $80.85 on May 17, 2024, the deal valued Independent Bank at $48.51 per share, with a premium of about 10%.
The Zhitong Finance App learned that SouthState (SSB.US) said on Monday that the company agreed to acquire Independent Bank Group (IBTX.US) in an all-share transaction worth about $2 billion to strengthen its business in parts of Texas and Colorado and take a seat in 12 of the 15 fastest-growing metropolitan statistical regions in the US.
For every common share held by Independent Bank shareholders, they will receive 0.60 shares of SouthState's common stock. Based on SouthState's closing price of $80.85 on May 17, 2024, the deal valued Independent Bank at $48.51 per share, a 10% premium over Independent Bank's closing price of $43.94 last Friday.
As of March 31, 2024, Independent Bank's total assets are approximately US$18.9 billion, total deposits are US$15.7 billion, and total loans are US$14.6 billion. The scope of business includes the Dallas/Fort Worth, Texas, Austin and Houston regions, and Front Range in Colorado.
As of March 31, 2024, the two companies had total assets of US$65 billion, deposits of US$55 billion, and total loans of US$48 billion.
All of Independent Bank's board members and other major shareholders (who together hold approximately 13.2% of the shares) have agreed to vote in favor of the deal. The acquisition is expected to close by the end of the first quarter of 2025.
Independent Bank shares rose 4.9% in pre-market trading on Monday.