COLUMBIA, S.C.--(BUSINESS WIRE)--
South State Corporation (NASDAQ:SSB) announced today that it has entered
into an agreement to purchase 12 South Carolina branch locations and one
Georgia branch location from Bank of America.
This provides South State entry into six new markets and three existing
markets that the company already serves. The acquired branches are
located in Florence, Greenwood, Orangeburg, Sumter, Newberry,
Batesburg-Leesville, Abbeville and Hartsville, SC, as well as Hartwell,
GA.
South State anticipates assuming approximately $580 Million in deposits
and purchasing approximately $3 Million in loans from this acquisition.
Pending regulatory approval, the closing is scheduled to occur in 3rd
Quarter. South State will hire all current employees at each of the
acquired branches and is committed to a smooth customer transition.
“I am pleased to announce this expansion of South State in South
Carolina and Georgia. These offices are a great addition to our existing
banking network,” said Robert R. Hill, Jr., CEO. “We look forward to
growing and investing in these communities and to welcoming these
customers and employees to South State.”
South State Corporation is the largest bank holding company
headquartered in South Carolina. Founded in 1933, the company’s primary
subsidiary, South State Bank, has been serving the financial needs of
its local communities in 19 South Carolina counties, 12 Georgia counties
and 4 North Carolina counties for over 80 years. South State Corporation
has assets of approximately $8 billion and its stock is traded under the
symbol SSB on the NASDAQ Global Select Market. More information can be
found at www.SouthStateBank.com.
South State Corporation
Analyst Contact:
John
Pollok, 803-765-4628
or
Media Contact:
Donna
Pullen, 803-765-4558
Source: South State Corporation