Regional lender SouthState to buy Independent Bank for about $2 bln (updated)

SouthState Bank

20/05/2024 12:20

(Adds deal premium, shares and other details from paragraph 2
onwards)
       May 20 (Reuters) - Regional lender SouthState Corp
 SSB.N  will buy peer Independent Bank  IBTX.O  in an all-stock
deal valued at about $2 billion, the companies said on Monday.
    As part of the deal, Independent Bank shareholders will
receive 0.60 shares of SouthState common stock. The deal values
Independent Bank at $48.51 per share, which represents a 10.4%
premium to the stock's last close.
    Shares of Independent Bank were up 3% in light premarket
trading volumes.
    The deal is expected to close by the end of first quarter of
2025.
    

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Shilpi Majumdar)
 ((ArasuKannagi.Basil@thomsonreuters.com;))