SouthState Corp. plans to purchase Independent Bank Group in a $2 billion deal, marking an end to the latter bank's long run of buying companies. Chairman and CEO David Brooks pointed to a challenging interest rate environment and heightened regulatory scrutiny as reasons he decided to sell.
Independent Bank Group Inc. (Nasdaq: IBTX), a Texas-based institution with branches throughout the Boulder Valley and Northern Colorado, will forgo its independence and will be absorbed by Winter Haven, Florida-based SouthState Corp. (NYSE: SSB) in an all-stock acquisition deal valued at about $2 billion.
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