(Reuters) – Regional lender SouthState Corp will buy peer Independent Bank in an all-stock deal valued at about $2 billion, the companies said on Monday.
As part of the deal, Independent Bank shareholders will receive 0.60 shares of SouthState common stock. The deal values Independent Bank at $48.51 per share, which represents a 10.4% premium to the stock’s last close.
Shares of Independent Bank were up 3% in light premarket trading volumes.
The deal is expected to close by the end of first quarter of 2025.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
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