SouthState Corporation has kicked off 2025 by announcing its acquisition of Independent Bank Group, Inc. on Jan. 1, 2025, through the merger of Independent Financial into SouthState Bank. As a result of the transaction, the company is expected to expand its footprint into Texas and Colorado and bring its total assets to approximately $65 billion.
"It's been a pleasure working with the team at Independent Financial since our announcement and we are pleased to close the transaction on schedule," said SouthState CEO John Corbett. "Together, we will continue building our company with an entrepreneurial business model in the fastest growing markets in the country."
The merger added three Independent Financial board members to SouthState’s leadership, increasing the size of both the SouthState Corporation and SouthState Bank boards from 12 to 15 members.
The new board members include David R. Brooks, former chairman and CEO of Independent Financial; Janet Froetscher, president of the J.B. and M.K. Pritzker Family Foundation; and G. Stacy Smith, managing partner of SCW Capital, L.P.
Brooks began his banking career in the early 1980s and has been involved in community banking since leading the investor group that acquired Independent Bank in 1988. Brooks served as Baylor University’s chief financial officer from 2000 to 2004, was inducted into the Texas Bankers Hall of Fame in 2018, and is currently the chairman of Capital Southwest Corporation.
Froetscher has been the president of the J.B. and M.K. Pritzker Family Foundation since 2016. The private foundation focuses on innovative approaches to solving complex societal challenges. Froetscher previously served as CEO of Special Olympics from 2013 to 2016, overseeing a global team with affiliates in over 170 countries. She is also a board member of Cboe Global Markets.
Smith has been the managing partner of SCW Capital, L.P., a private equity hedge fund specializing in the financial and energy sectors, since August 2013. He co-founded and remains an active partner in Trinity Investment Group, which invests in private equity, public equity, and hard assets. Smith also advises EAW Energy Partners, a firm focused on acquiring oil and gas mineral assets.
