SouthState in Winter Haven, Florida, has agreed to buy Independent Bank in McKinney, Texas. The $46 billion-asset SouthState said in a news release that it will pay $2 billion in stock for the $18.9 billion-asset Independent. The deal is expected to close in the first quarter.
West Coast Community Bancorp in Santa Cruz, California, has agreed to buy 1st Capital Bancorp in Salinas, California. The $1.7 billion-asset West Coast said in a news release that it will pay $63 million in stock for the $1 billion-asset 1st Capital. The deal is expected to close in the fourth quarter.
Commercial Bank of California in Irvine has agreed to buy Bay Community Bancorp in Oakland. The $2.4 billion-asset Commercial Bank said in a news release that it will pay about $121 million in cash, based on the $975 million-asset Bay Community’s shares outstanding. The deal is expected to close late this year or in early 2025.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
