RankingBanking 26 Digital - Flipbook - Page 24
22
Local DecisionMaking Powers
SouthState
By Emily McCormick
O
ver lunch several years ago,
Brooks took that advice in 2024, when Winter
David Brooks received some
Haven, Florida-based SouthState Bank Corp.
advice about selling his bank from
announced it would purchase $18 billion Inde-
a large bank’s CEO.
pendent for roughly $2 billion. The all-stock deal
“He said, ‘David, because of
closed on Jan. 2, 2025, and Brooks now serves on
where you are, the market you’re
the SouthState board. He doesn’t regret selling
in, you will have a lot of people
his bank. “I wouldn’t trade places with any other
who want to buy you,’” Brooks
regional bank in the country,” he says. “I’m still
recalls. At the time, Brooks was CEO of Indepen-
a large shareholder. I haven’t sold any stock since
dent Bank Group in McKinney, Texas, which he
we merged.”
founded in 1988. “‘Remember, at the end of the
The acquisition turned out to be a defining
day, when you sell your company for stock, all
moment for SouthState, which eclipsed $67
you’ve done is trade stock. You better like that
billion in assets and gained markets in Texas and
other stock a lot.’”
Colorado. For Bank Director’s RankingBanking
Photograhy: Produced by Robertson Design with the help of artificial intelligence.
