Wed, Aug 14, 7:10 PM (153 days ago)
On August 14, 2024, SouthState Corporation held a special meeting where shareholders approved a merger agreement with Independent Bank Group, Inc., set to close by Q1 2025, pending customary conditions. The merger will see Independent merge into SouthState, with SouthState as the surviving entity. A total of 63,430,252 shares, representing approximately 83.22% of SouthState's common stock, were present for voting. The merger proposal received overwhelming support, with 63,116,968 votes in favor, while the adjournment proposal also passed with 57,182,177 votes in favor. This merger is significant as it involves the issuance of SouthState common stock which exceeds 20% of its currently outstanding shares, requiring compliance with NYSE Listing Rule 312.03. The completion of the merger is subject to regulatory and shareholder approvals, and while the transaction is expected to enhance SouthState's market position, risks associated with integration and market conditions remain.