Independent Bank Group, Inc. (IBTX): History, Ownership, Mission, How It Works & Makes Money

When you look at Independent Bank Group, Inc. (IBTX), do you see a regional bank that simply grew, or a strategic acquisition target whose story culminated in a $65 billion asset powerhouse? The history, ownership, and mission of Independent Bank Group, Inc. are now the foundation of a much larger institution, but understanding its original model-which generated a trailing twelve-month revenue of approximately $470 million in 2024-is defintely critical to analyzing the post-merger value. We'll break down how this Texas-based commercial bank, with a final market capitalization of around $2.51 billion before its 2025 merger with SouthState Corporation, worked and made money, giving you the playbook for its success.

Independent Bank Group, Inc. (IBTX) History

You need to understand the journey of Independent Bank Group, Inc. (IBTX) because its history isn't about slow organic growth; it's a story of calculated, aggressive regional bank consolidation, culminating in its own acquisition by SouthState Corporation in early 2025. The company started as a small community bank, but its pivot to a merger-and-acquisition (M&A) strategy transformed it into a regional powerhouse with nearly $19 billion in assets before the final deal. That's the core of the story.

Given Company's Founding Timeline

Year established

The bank's roots trace back to 1988.

Original location

It began as a single-branch community bank in McKinney, Texas.

Founding team members

While local investors initially established the bank, the trajectory-changing leadership came when David R. Brooks led an investor group that acquired the bank in 1988. Brooks later served as Chairman and CEO, driving the growth-through-acquisition model.

Initial capital/funding

Operations commenced with the capital typical of a small community bank start-up in that era, focused purely on serving the local McKinney market. The real capital infusion for expansion came much later with the Initial Public Offering (IPO).

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory was defintely shaped by two major, non-linear decisions: the shift to an M&A growth model and the final, consolidating merger in 2025. The first decision made the company a regional player; the second made it a part of a super-regional one.

The most transformative period was the pivot to a systematic acquisition strategy after David R. Brooks took the helm. This move meant the bank grew from a single-branch operation to a multi-state institution with total assets of approximately $18.9 billion by March 31, 2024, just before the final merger announcement. This aggressive consolidation was the engine of its value creation.

• The IPO Capitalization: The 2013 IPO, which raised roughly $80 million, provided the necessary capital structure to move beyond small, local deals and execute larger, more impactful acquisitions in high-growth metropolitan areas like Dallas, Austin, Houston, and Denver.
• The SouthState Merger: The acquisition by SouthState Corporation, which closed on January 1, 2025, was the ultimate transformative moment. This deal, valued at about $2 billion, integrated IBTX's Texas and Colorado footprint into a combined entity with approximately $65 billion in total assets, significantly expanding SouthState's presence in the fastest-growing markets in the US. This is the new reality you're investing in.

For a deeper dive into the numbers that led to this final transaction, you can check out Breaking Down Independent Bank Group, Inc. (IBTX) Financial Health: Key Insights for Investors.

Independent Bank Group, Inc. (IBTX) Ownership Structure

Independent Bank Group, Inc. (IBTX) is no longer an independent, publicly traded company as of November 2025. It was acquired by SouthState Corporation in an all-stock transaction valued at approximately $2.0 billion, which closed on January 1, 2025.

This means your investment in IBTX common stock was converted into shares of SouthState Corporation (NYSE: SSB) at a fixed exchange ratio of 0.60 shares of SouthState common stock for each share of Independent Bank Group common stock you held.

Given Company's Current Status

As of November 2025, Independent Bank Group, Inc. (IBTX) is fully integrated into SouthState Corporation, a regional bank with a combined asset size of approximately $65 billion.

The former IBTX entity is now a subsidiary bank, Independent Bank, which merged into SouthState Bank, N.A. The ticker symbol IBTX was delisted from the NASDAQ effective January 2, 2025.

The strategic goal of the merger was to create a larger, more diversified regional bank with a strong presence across the Southeast, Texas, and Colorado. IBTX shareholders now own a significant minority stake in the larger, combined entity. To be fair, this move provides greater scale and stability. You can dive deeper into the financial implications of this integration in Breaking Down Independent Bank Group, Inc. (IBTX) Financial Health: Key Insights for Investors.

Given Company's Ownership Breakdown

The breakdown below reflects the approximate post-merger ownership of the combined entity, SouthState Corporation, which is what former Independent Bank Group shareholders now hold. This is the most accurate way to view your current stake, as the old IBTX ownership structure is obsolete. Here's the quick math on the new structure:

Given Company's Leadership

The merger resulted in the former Independent Bank Group executive team transitioning out of their primary operational roles, as the SouthState executive leadership team remained in place. However, a key part of the deal was the integration of former IBTX leaders into the new board structure to ensure continuity and regional expertise.

Specifically, three former Independent Bank Group directors were appointed to the boards of SouthState Corporation and SouthState Bank, N.A., increasing the size of each board from 12 to 15 members.

• David R. Brooks: Former Chairman and CEO of Independent Bank Group; appointed to the boards of SouthState Corporation and SouthState Bank, N.A.
• Janet Froetscher: Former director of Independent Bank Group; appointed to the boards of SouthState Corporation and SouthState Bank, N.A.
• G. Stacy Smith: Former Lead Independent Director of Independent Bank Group; appointed to the boards of SouthState Corporation and SouthState Bank, N.A.

The leadership transition ensures the combined company benefits from the deep regional knowledge of the former IBTX team, defintely a smart move for integrating operations in the Texas and Colorado markets.

Independent Bank Group, Inc. (IBTX) Mission and Values

The core purpose of Independent Bank Group, Inc. (IBTX), now integrated into SouthState Corporation following the January 1, 2025, merger, centered on relationship-driven banking that prioritized community and customer well-being over transactional volume. This cultural DNA, which helped the company grow to approximately $18.9 billion in total assets before the merger, is the foundation for its contribution to the combined entity's scale of roughly $65 billion in total assets.

You can learn more about the new shareholder base and strategic direction by reading Exploring Independent Bank Group, Inc. (IBTX) Investor Profile: Who's Buying and Why?

Given Company's Core Purpose

Independent Bank Group's operating philosophy was built on a community-focused, relationship-driven approach, which is now a key part of the larger bank's strategy in high-growth markets like Texas and Colorado. The company's emphasis was always on building long-term value, not just chasing short-term profits. That's a solid way to run a bank, defintely.

Official mission statement

The mission was clear: to deliver relationship-driven financial solutions that genuinely enhance the lives of their customers, employees, and the communities they serve. This is a commitment that goes beyond just lending money; it's about being a true financial partner.

• Provide tailored, relationship-driven financial solutions.
• Enhance the lives of customers, employees, and communities.
• Prioritize customer needs and deliver exceptional service.

Vision statement

While an explicit, single-sentence vision statement wasn't always published, the company's actions and strategic goals pointed toward becoming a premier regional bank known for its customer-centric model. The ambition was simple: to be the best and most trusted community bank in its markets.

• Become a leading regional bank in high-growth markets.
• Be recognized for a customer-centric approach and innovative solutions.
• Maintain strong community engagement and financial integrity.

Given Company slogan/tagline

The company, which primarily operated its subsidiary as Independent Bank, doing business as Independent Financial, didn't rely on a single, catchy tagline but rather a set of integrated guiding principles. In the context of the 2025 merger, the shared cultural goal became a key message.

• Focus on GROWTH MARKETS. COMMON CULTURE. BETTER TOGETHER. (The shared vision post-merger).
• Operate with a long-term horizon, prioritizing soundness before short-term profitability.
• Ensure the relationship is more valuable than the transaction.

Independent Bank Group, Inc. (IBTX) How It Works

Independent Bank Group, Inc. (IBTX) no longer operates as a standalone public company as of November 2025, having been acquired by SouthState Corporation in a merger that closed in early 2025. The former IBTX operations now function as the Texas and Colorado presence for the combined entity, leveraging its established local market expertise and relationship-driven banking model to drive growth in high-demand US markets.

The core business model, which is how the legacy Independent Bank Group, Inc. makes money, remains centered on traditional banking: taking deposits (liabilities) and deploying those funds primarily through loans (assets) to generate net interest income (NII). Honestly, the scale is defintely bigger now; the combined company has pro forma total assets of approximately $65 billion and gross loans of $48 billion, based on the merger announcement data.

Independent Bank Group's Product/Service Portfolio

The product portfolio that Independent Bank Group, Inc. brought to the merger was comprehensive, focusing on relationship-driven banking for specific regional markets. The offerings are now integrated into the larger SouthState platform but retain their local focus in Texas and Colorado.

Independent Bank Group's Operational Framework

The operational framework of the legacy Independent Bank Group, Inc. was built on a community bank philosophy with the scale of a regional player, a strategy that SouthState Corporation sought to preserve and expand. The value creation process is now integrated, but the local market focus remains key.

Here's the quick math: Independent Bank Group, Inc. had approximately $18.9 billion in total assets and $15.7 billion in total deposits as of March 31, 2024, just prior to the merger. This significant balance sheet was the engine for its operations.

• Deposit Gathering: Focus on core, low-cost deposits from businesses and retail customers in high-growth markets like Dallas/Fort Worth, Austin, and the Colorado Front Range.
• Credit Underwriting: Maintain a strong, conservative credit culture to preserve asset quality, a fundamental element of their pre-merger organic growth strategy.
• Local Delivery: The bank's philosophy is direct access to officers and timely, local decision-making, which is crucial for commercial clients.
• Synergy Capture: Post-merger, the combined entity aims to realize cost savings (synergies) by integrating technology platforms and back-office functions while maintaining customer-facing local presence.

The operational process is simple: attract stable funding, lend it out prudently, and manage the resulting credit and interest rate risk. For more on the market's view of this, you might be interested in Exploring Independent Bank Group, Inc. (IBTX) Investor Profile: Who's Buying and Why?

Independent Bank Group's Strategic Advantages

The primary strategic advantage Independent Bank Group, Inc. brought to the table-and what continues to drive value within SouthState Corporation-is its geographic footprint in some of the fastest-growing metropolitan statistical areas (MSAs) in the US.

• High-Growth Market Exposure: Operating in key Texas markets (Dallas/Fort Worth, Austin, Houston) and the Colorado Front Range provides access to superior economic and population growth compared to many other US regions.
• Relationship-Driven Model: A strong, established culture of providing personalized, 'Independent Financial' service to businesses and professionals, which helps retain high-value, sticky customer relationships.
• Asset Quality Track Record: A history of maintaining strong credit quality and low levels of non-performing assets, demonstrating effective risk management (enterprise risk management) even during periods of rapid growth.
• Scale and Capital: The merger created a larger, more diversified regional bank with pro forma total assets of $65 billion, giving the legacy Independent Bank Group, Inc. operations greater lending capacity and financial resources for technology investment.

What this estimate hides is the complexity of integrating two large banking systems, but the market opportunity in Texas and Colorado is what makes the whole thing work.

Independent Bank Group, Inc. (IBTX) How It Makes Money

Independent Bank Group, Inc. (IBTX) generated the vast majority of its income by operating as a traditional commercial bank: taking in deposits and lending those funds out, a process that creates Net Interest Income (NII). The company was fundamentally a spread business, earning the difference between the interest it collected on loans and the interest it paid on customer deposits and other borrowings. This core model was supplemented by non-interest fees from services like deposit accounts and mortgage banking.

Independent Bank Group's Revenue Breakdown

Since Independent Bank Group was acquired by SouthState Corporation and delisted on March 5, 2025, a full 2025 fiscal year report for the standalone entity is not available. The table below uses the last complete quarterly financial breakdown for Independent Bank Group, Q2 2024, as the most precise representation of its revenue engine just before the 2025 merger. The company's total revenue for that quarter was $118.58 million.

Business Economics

The company's economic engine was driven by its ability to manage the net interest margin (NIM), which is the key profitability metric for banks. For Q3 2024, the net interest margin was 2.50%. This is a tight margin, reflecting the high-interest-rate environment that increased the cost of deposits for the bank. You can't ignore the cost of funding in banking; it's everything.

• Interest Rate Sensitivity: The primary risk was the rising cost of deposits, which squeezed the NIM, even as loan yields expanded to 6.07% in Q3 2024.
• Deposit Franchise: Total deposits were strong at $16.0 billion as of September 30, 2024, providing the necessary funding base for lending.
• Fee Income Diversification: Non-interest income of $13.43 million in Q2 2024 came from service charges on deposit accounts, mortgage banking, and wealth management, offering a small, but defintely important, buffer against interest rate volatility.

Independent Bank Group's Financial Performance

The company's financial health in the period immediately preceding its 2025 acquisition showed a focus on balance sheet strength over aggressive earnings growth, a common trend for regional banks facing economic uncertainty. The last reported full-year TTM revenue for Independent Bank Group as of November 2025 was $0.47 Billion USD, a figure that reflects the slowdown in the latter half of 2024 and the subsequent merger. The market capitalization for the delisted stock was still cited at $2.61 Billion as of November 9, 2025, reflecting the value captured in the merger.

• Net Income (Q3 2024): Reported net income was $20.4 million, down from $32.8 million in the prior year period, highlighting the pressure on profitability.
• Asset Quality: Credit metrics remained healthy, with the nonperforming asset ratio at a low 0.37% and an annualized net charge-off ratio of 0.00% for Q3 2024. That's a clean loan book.
• Capital Strength: The Total Capital Ratio was robust at 13.26% in Q3 2024, well above the regulatory minimums, indicating a strong capacity to absorb losses.

For a deeper dive into the players who saw this acquisition coming, read Exploring Independent Bank Group, Inc. (IBTX) Investor Profile: Who's Buying and Why?

Independent Bank Group, Inc. (IBTX) Market Position & Future Outlook

The Independent Bank Group, Inc. (IBTX) you knew ceased to exist as a standalone entity after its acquisition by SouthState Corporation, which closed on January 1, 2025. This strategic merger transforms the former IBTX footprint in Texas and Colorado into a high-growth segment for the combined company, a regional powerhouse with approximately $65 billion in total assets.

The new entity is focused on leveraging the IBTX team's regional expertise to drive growth in the fast-expanding Sun Belt markets, while simultaneously realizing significant cost synergies, projected at around $77.3 million pre-tax annually from non-interest expense reductions. This positions the combined bank as a competitive force, balancing the Southeast's stability with the Southwest's economic dynamism.

Competitive Landscape

In the regional banking space, especially across the former IBTX markets of Texas and Colorado, the combined SouthState/Independent Bank Group entity competes directly with larger commercial banks and deeply entrenched community players. To give you a sense of scale, here is how the combined entity stacks up against key competitors, using total assets as a proxy for market size as of Q3 2025.

Here's the quick math: the combined entity is now a major player, but it's still smaller than a commercial giant like Comerica Inc. in terms of total assets. Prosperity Bancshares Inc. is smaller, but its Texas-only focus makes it defintely a tough local rival.

Opportunities & Challenges

The strategic rationale for the merger was clear: capture growth in the country's fastest-growing markets. The opportunities are real, but so are the integration risks that come with any deal of this size. You need to look at both sides to anticipate the combined company's trajectory.

Industry Position

Post-merger, the former Independent Bank Group business now anchors SouthState Corporation's expansion beyond its traditional Southeast footprint, creating a genuinely regional bank spanning from the Carolinas to Colorado. The combined entity's $65 billion in assets places it firmly in the upper tier of US regional banks, giving it the scale needed to compete on technology and capital while maintaining a local, entrepreneurial banking model.

• Scale and Capital: Total assets of $65 billion and a strong total risk-based capital ratio of 14.5% (Q2 2025) provide a solid base for future acquisitions and organic growth.
• Growth Engine: The Texas/Colorado markets represent a significant growth catalyst, with the merger driving a 57% increase in Q2 2025 loan originations.
• Efficiency Focus: Management is focused on converting the merger's cost savings into higher profitability, targeting a 2025 revenue of $2.628 billion for the combined company.

For a deeper dive into the institutional shifts following the merger, you should read Exploring Independent Bank Group, Inc. (IBTX) Investor Profile: Who's Buying and Why?