COLUMBIA, S.C.--(BUSINESS WIRE)--
South State Bank announced today that it is committing $100 million in
mortgage lending initiatives to consumers located in low to moderate
income and minority areas. The $100 million commitment will be allocated
over five years in various markets across the combined South State and
Park Sterling Bank footprint, upon the completion of the merger of South
State and Park Sterling.
“We are well underway with the planning for our upcoming merger with
Park Sterling. As South State expands, we remain committed to assisting
low to moderate income and minority communities,” said Tom Ledbetter,
president of the mortgage division for South State Bank. “This new
lending commitment will allow us to offer our existing services and
deepen relationships with customers and communities throughout the newly
combined footprint.”
An outreach effort will begin later this year to reach eligible
borrowers located in various markets in the Carolinas, Georgia and
Virginia. In late fourth quarter of 2017, South State will begin
originating 1-4 family mortgage loans under this specific initiative.
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 25 South Carolina counties, 15 Georgia
counties and 4 North Carolina counties for over 80 years. The bank also
operates Minis & Co., Inc. and South State Advisory, both registered
investment advisors; and First Southeast Investor Services, Inc., a
limited purpose broker-dealer. South State Corporation has assets of
approximately $11.2 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.
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South State Bank
Kellee McGahey, 843-529-5574
Source: South State Bank