Independent Bank Group, Inc.
independent-bank.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2024 10-Q, filed Oct 22, 2024. Its latest SEC filing is a SCHEDULE 13G/A from Apr 15, 2025.
10-Q for Q3 FY2024, filed Oct 22, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides commercial and retail banking services, including loans, deposit accounts and wealth management, to businesses, professionals and individuals.
10-K for FY2023, filed Feb 20, 2024Independent Bank Group, Inc. (the “Company”) is a registered bank holding company headquartered in McKinney, Texas, which is located in the…View ↗
Lending Operations. Through the Bank, the Company offers a broad range of commercial and retail lending products to businesses…View ↗
Deposits. Through the Bank, the Company provides a full range of deposit products and services, including a variety of checking and savings…View ↗
Other Services. In connection with our relationship driven approach to our customers, the Company, through the Bank, offers residential…View ↗
How Did They Make Money?
Customers pay monthly account-maintenance fees and transaction fees when the service or transaction is completed. Investment-management and referral fees are billed and paid quarterly.
10-K for FY2023, filed Feb 20, 2024Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity or…View ↗
$871.7M
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10-K for FY2023, filed Feb 21, 2024
$871.7M ↗
Who Were Their Customers?
The bank serves small and midsized businesses, professionals and individuals with loans, deposit accounts and other banking services. Its bankers solicit deposits through customer relationships and community-focused marketing.
10-K for FY2023, filed Feb 20, 2024The Company’s primary function is to own all of the stock of the Bank. The Bank is a locally managed community bank that seeks to provide…View ↗
Lending Operations. Through the Bank, the Company offers a broad range of commercial and retail lending products to businesses…View ↗
Deposits. Through the Bank, the Company provides a full range of deposit products and services, including a variety of checking and savings…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2023 and turned 17 cents into free cash flow.
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2024, filed Oct 23, 2024
$20.4MView ↗
- ▼ −38%
- vs $32.8M in Q3 FY2023
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Jan 2, 2025
Independent Bank Group merged into SouthState
SouthState survived, and Independent Bank Group ceased to exist as a separate legal entity.
Sources
8-K, filed Jan 2, 2025
At the Effective Time, IBTX was merged with and into SouthState pursuant to the Merger Agreement, with SouthState surviving the Merger and…View ↗
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May 20, 2024
SouthState agreed to acquire Independent Bank Group
The deal was an all-stock merger, with Independent Bank also merging into SouthState’s bank subsidiary.
Sources
8-K, filed May 20, 2024
The Merger Agreement provides that, among other things and on the terms and subject to the conditions set forth therein, SouthState will…View ↗
Grew. Revenue grew 34% in 4 years, from $652.9M in FY2019 to $871.7M in FY2023, about 7% a year.
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