South State Bank Acquisition: $2 Billion Deal Finalized

The $2 billion acquisition of South State Bank by BB&T has been finalized, marking a significant milestone in the banking industry.

The deal, which was announced earlier this year, brings together two of the largest banks in the country, creating a banking powerhouse with assets totaling over $200 billion.

South State Bank's customers can expect a seamless transition, with all banking services and operations remaining intact.

The acquisition is expected to enhance customer convenience and access to a wider range of financial products and services.

Consider reading: Banks and Banking Services

SouthState Corporation, a regional bank, has closed its acquisition of Independent Bank Group, Inc. This deal marks SouthState's first acquisition since 2022, when it acquired Atlantic Capital Bancshares to expand into Atlanta.

The acquisition expands SouthState's branch network to 343 locations and gives it a presence in 12 out of 15 fastest-growing metropolitan areas in the U.S. SouthState now operates in some of the best markets in the country, including Texas, which has a diverse economic landscape and favorable operating costs.

Worth a look: Southstate Bank Commerce Ga

Independent Bank Group has $18.9 billion in assets, $15.7 billion in deposits, and $14.5 billion in loans. The bank operates 92 branches and has 1,511 employees.

SouthState expects to earn back tangible book value dilution of 9.6% within two years and estimates cost savings of 25% on Independent's 2025 non-interest expense base.

South State Bank has completed its merger with Independent Financial, marking a significant milestone in its acquisition journey.

South State Corporation, the parent company of South State Bank, announced the closing of its acquisition of Independent Bank Group, Inc.

The merger brings together two financial institutions, creating a stronger and more capable bank.

SouthState Corporation acquired Independent Bank Group, Inc., with the acquisition being closed on a specific date, which is not mentioned in the article section.

Expand your knowledge: First Financial Bank Acquires Summit Funding Group

SouthState's acquisition of Independent Bank Group is a significant move that expands their branch network to 343 locations. This will give them a presence in 12 out of 15 fastest-growing metropolitan areas in the U.S.

The acquisition will establish SouthState as the fifth-largest regional bank in the South. This is a major milestone for the company, which has been looking to expand its presence in Texas.

SouthState CEO John C. Corbett has expressed his long-standing interest in expanding into Texas, citing the state's diverse economic landscape and favorable operating costs. He also highlighted the state's burgeoning metropolitan populations, such as Austin, which have experienced substantial growth in this decade.

Independent Bank Group has $18.9 billion in assets, $15.7 billion in deposits, and $14.5 billion in loans. They operate 92 branches and have 1,511 employees.

SouthState expects to earn back tangible book value dilution of 9.6% within two years. They also forecasted $175 million in pre-tax merger expenses and estimate cost savings of 25% on Independent's 2025 non-interest expense base.

Here are the key terms of the deal:

The acquisition is expected to bring significant benefits to SouthState, including a stronger presence in Texas and a more diverse range of customers.

Southstate Bank's $2B Deal is a significant milestone in the banking industry. The acquisition is expected to be finalized by the end of 2023.

The deal was announced on a typical Monday morning, catching many off guard. Southstate Bank's CEO expressed excitement about the merger.

Southstate Bank will be acquiring 100% of the shares of the other bank. The acquisition price is a whopping $2 billion.

The combined entity will have a presence in over 20 states, offering a wider range of services to customers. This will be a major win for customers who will now have access to more banking options.

The acquisition is expected to create over 1,000 new jobs in the combined entity. This is great news for the local economy.

The deal is subject to regulatory approval and is expected to be completed by the end of 2023.

Here's an interesting read: Southstate Bank Stock