M&A Deal Summary

South State Acquires Independent Bank

On May 20, 2024, South State acquired financial services company Independent Bank for 2.0B USD

Acquisition Highlights
  • This is South State’s 3rd transaction in the Financial Services sector.
  • This is South State’s largest (disclosed) transaction.
  • This is South State’s 3rd transaction in the United States.
  • This is South State’s 1st transaction in Texas.

M&A Deal Summary
Date 2024-05-20
Target Independent Bank
Sector Financial Services
Buyer(s) South State
Deal Type Add-on Acquisition
Deal Value 2.0B USD
Advisor(s) Keefe, Bruyette, & Woods, Inc. (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Independent Bank

McKinney, Texas, United States
Independent Bank provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals, and individuals. Independent Bank was founded in 2002 and is based in McKinney, Texas.

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Buyer(S) 1

Buyer

South State

Winter Haven, Florida, United States
Category Company
Founded 1933
Sector Financial Services
Employees5,179
Revenue 1.7B USD (2023)
DESCRIPTION

South State is a holding company of South State Bank, and serves the financial needs of its local communities in 25 South Carolina counties, 15 Georgia counties and 4 North Carolina counties. South State was founded in 1933 and is based in Winter Haven, Florida.

DEAL STATS #
Overall 3 of 3
Sector (Financial Services) 3 of 3
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 3 of 3
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-10 CenterState Bank

Winter Haven, Florida, United States

CenterState Bank is a provider of consumer and commercial banking services to individuals, businesses, and industries. CenterState Bank was established in 1999 and is based in Davenport, Florida.

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Legal