SouthState Corporation closes acquisition of Independent Financial, Expands Presence in TX & CO and Adds Three Board Members
Jan 02, 2025•12 months ago
Acquiring Company
SouthState Corporation
Acquired Company
Independent Financial
Winter HavenMcKinneyBankingFinanceFinancial ServicesFinanceFinancial ServicesDescription
SouthState Corporation has successfully closed its acquisition of Independent Financial, thereby expanding its presence in Texas, entering Colorado, and increasing its asset size to approximately $65 billion. Additionally, SouthState announced the appointment of three Independent Financial directors to its boards, increasing the size of each board from 12 to 15 members.
M&A Insights
Based on deal dataIntegration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed