secwatch.observer — SEC 8-K summary
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Issuer:     SouthState Bank Corp (SSB)
CIK:        0000764038
Form:       8-K
Filed at:   2024-05-20T23:59:59+00:00
Accession:  0001558370-24-008442
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SouthState to acquire Independent Bank Group in all-stock merger; IBTX shareholders to get 0.60 SSB shares each
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- Each IBTX share converted into 0.60 SouthState shares; fractional shares paid in cash.
- Termination fee: IBTX pays $60.9M to SSB; SSB pays $186M to IBTX under certain conditions.
- IBTX directors and Vincent J. Viola (13.2% of IBTX shares) sign support agreements to vote for deal.
- IBTX CEO David Brooks to receive $12.8M severance plus $5M transaction bonus; will join SouthState board until 2027.
- Deal subject to shareholder approvals, regulatory consents, and other customary conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764038/000155837024008442/0001558370-24-008442-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764038/000155837024008442/ssb-20240517x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-008442

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer