SouthState rises on deal to acquire Independent Bank for about $2 bln

SouthState Bank

20/05/2024 13:28

** Shares of regional lender SouthState Corp  SSB.N  rise
2.6% at $83 premarket 
    ** SouthState will acquire its smaller peer, Independent
Bank Group  IBTX.O , in an all-stock deal worth about $2 bln 
    ** As part of the deal, Independent Bank's shareholders will
receive 0.60 shares of SouthState common stock
    ** The deal will take Winter Haven, Florida-based
SouthState's total assets to $65 billion
    ** The transaction has been approved by the boards of
directors of SouthState and Independent Bank Group - cos
    ** YTD, stock is down ~4.3%
    

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))