08:06 AM EDT, 05/20/2024 (MT Newswires) -- (Updates with details throughout.)

SouthState ( SSB ) said Monday it has agreed to acquire Independent Bank Group ( IBTX ) in an all-stock deal worth approximately $2 billion.

Under the terms of the deal, which is expected to close in Q1 2025, Independent Bank Group ( IBTX ) shareholders will receive 0.60 share of SouthState ( SSB ) common stock for each outstanding share of Independent Bank Group ( IBTX ). Based on SouthState's ( SSB ) closing stock price of $80.85 as of Friday, the deal is worth $48.51 per share for a total value of approximately $2 billion.

The companies also said that three Independent Bank Group ( IBTX ) directors will join SouthState's ( SSB ) board and the SouthState Bank board when the deal is completed.

Shares of Independent Bank ( IBTX ) were up 8.8% in recent premarket activity, while SouthState ( SSB ) was 2.7% higher.

Price: 83.00, Change: +2.15, Percent Change: +2.66