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In 2020, a potential merger with Independent Bank Group of McKinney, Texas collapsed, causing the CEO to step down. [5] In late 2021, the new CEO adopted a strategy of moving away from loan-oriented growth in the commercial banking sector, towards becoming a full-service financial institution over the following five years, and launched a new ...
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The deal will see Texas Capital shareholders receive 1.0311 shares of Independent Bank Group for each share they currently own, a 5.5% premium to Texas Capital's Friday close.
The new bank will keep the SouthState name, but move its headquarters to Winter Haven, Florida. The combined bank has $34 billion in assets. [11] On May 20, 2024, SouthState Corporation agreed to acquire Independent Bank Group, based in McKinney for approximately $2 billion in an all-stock transaction. [12]
The bank traces its roots to First National Bank of Ionia, which was founded in 1864. In 1896, relinquished its national charter and obtained a state charter, reorganized as State Savings Bank of Ionia. in 1952, changed name to First Security Band. In 1974, Independent Bank Corporation was established as the bank holding company. [3]
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