Wed, Aug 14, 7:04 PM (153 days ago)
On August 14, 2024, Independent Bank Group, Inc. (IBTX) held a special shareholder meeting to vote on a merger agreement with SouthState Corporation. The merger, structured as an all-stock transaction, will result in IBTX being merged into SouthState. A total of 35,275,251 shares were represented at the meeting, constituting a quorum. The primary proposal to approve the merger was passed with 34,707,889 votes in favor, while 510,726 votes were against, and 56,636 abstained. A secondary proposal regarding executive compensation related to the merger received significantly less support, with only 8,104,801 votes for it, compared to 26,975,059 against. The merger is pending customary closing conditions, including regulatory approvals. This event is expected to impact IBTX's financial position and stock value, as it transitions into SouthState Corporation.